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Insurance ratings actions, Oct. 5

S&P Global Market Intelligence compiles ratings actions in the insurance space daily through 5:30 p.m. ET. Actions after 5:30 p.m. ET will be included in the following day's roundup.

Managed care

S&P Global Ratings has placed its BB+ long-term counterparty credit rating and financial strength rating on Humana Health Plans of Puerto Rico Inc. and BBB long-term counterparty credit rating and financial strength rating on Humana Insurance of Puerto Rico Inc. on CreditWatch with negative implications.

The rating agency said the CreditWatch placement reflects the possibility that the agency may lower the ratings in the next 90 days following the assessment of the impact of Hurricanes Irma and Maria and other storms that may follow on the health insurers.

S&P believes medical utilization may drop in the near term, which could benefit earnings.

Property and casualty

A.M. Best has affirmed the financial strength rating of A++ and the long-term issuer credit rating of "aa+" of the property and casualty subsidiaries of Travelers Cos. Inc.

The subsidiaries are St. Paul Fire & Marine Insurance Co., St. Paul Surplus Lines Insurance Co., Travelers Casualty Co., American Equity Insurance Co., American Equity Specialty Insurance Co., Travelers Constitution State Insurance Co., St. Paul Protective Insurance Co., Discover Property & Casualty Insurance Co., Discover Specialty Insurance Co., United States Fidelity & Guaranty Co., Fidelity & Guaranty Insurance Co., Fidelity & Guaranty Insurance Underwriters Inc., Northfield Insurance Co., Northland Casualty Co., Northland Insurance Co., St. Paul Guardian Insurance Co., St. Paul Mercury Insurance Co., Gulf Underwriters Insurance Co., Select Insurance Co., Travelers Casualty & Surety Co., Travelers Indemnity Co., Phoenix Insurance Co., Standard Fire Insurance Co., Travelers Casualty Insurance Co. of America, Farmington Casualty Co., Automobile Insurance Co. of Hartford Connecticut, Travelers Indemnity Co. of Connecticut, Charter Oak Fire Insurance Co., Travelers Indemnity Co. of America, Travelers Casualty Co. of Connecticut, Travelers Commercial Casualty Co., Travelers Commercial Insurance Co., Travelers Property Casualty Co. of America, Travelers Property Casualty Insurance Co., TravCo Insurance Co., Travelers Excess & Surplus Lines Co., Travelers Home & Marine Insurance Co., Travelers Personal Security Insurance Co., Travelers Personal Insurance Co., Travelers Lloyds Insurance Co. and Travelers Lloyds of Texas Insurance Co.

A.M. Best also affirmed the financial strength rating of A++ and the long-term issuer credit rating of "aa+" of Travelers Casualty & Surety Co. of America and its affiliates, Travelers Cas & Surety Co. of Europe Ltd. and Travelers Insurance Co. of Canada.

The rating agency further affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of Dominion of Canada General Insurance Co., and the financial strength rating of A- and the long-term issuer credit rating of "a-" of First Floridian Auto & Home Insurance Co.

Additionally, the rating agency affirmed the financial strength rating of A and the long-term issuer credit rating of "a+" of Premier Insurance Co. of Massachusetts with a stable outlook. A.M. Best has concurrently withdrawn its ratings for Premier.

At the same time, A.M. Best affirmed the long-term issuer credit rating and senior long-term issue credit rating of "a+" of the parent company, Travelers, and its two wholly owned downstream holding companies, Travelers Property Casualty Corp. and Travelers Insurance Group Holdings Inc.

The outlook of each of these ratings is stable.

The rating affirmations of the Travelers group reflect its solid risk-adjusted capitalization, trend of favorable operating and underwriting results, excellent market profile in commercial and personal lines and effective management team.

A.M. Best expects that the losses incurred by the Travelers group following the recent catastrophic events, including Hurricanes Harvey, Irma and Maria and recent seismic activity in Mexico, will be contained within the organization's risk tolerances.

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A.M. Best has affirmed the financial strength rating of A++ and the long-term issuer credit rating of "aa+" of the North American property and casualty subsidiaries of Chubb Ltd.

The subsidiaries are Chubb Tempest Reinsurance Ltd., Chubb Tempest Life Reinsurance Ltd., Chubb Bermuda Insurance Ltd., Corporate Officers & Directors Assurance Ltd., ACE American Insurance Co., ACE Property & Casualty Insurance Co., Pacific Employers Insurance Co., Insurance Co. of North America, Bankers Standard Insurance Co., Indemnity Insurance Co. of North America, ACE Fire Underwriters Insurance Co., Agri General Insurance Co., Westchester Fire Insurance Co. Westchester Surplus Lines Insurance Co., ACE Insurance Co. of the Midwest, Chubb Insurance Co. of Puerto Rico, Illinois Union Insurance Co., Atlantic Employers Insurance Co., Penn Millers Insurance Co., Chubb Atlantic Indemnity Ltd., Chubb European Group Ltd., Federal Insurance Co., Chubb Custom Insurance Co., Chubb Indemnity Insurance Co., Chubb Insurance Co. of Australia Ltd., Chubb Insurance Co. of Canada, Chubb National Insurance Co., Executive Risk Indemnity Inc., Executive Risk Specialty Insurance Co., Great Northern Insurance Co., Pacific Indemnity Co., Vigilant Insurance Co., Chubb Insurance Co. of New Jersey and Chubb Lloyds Insurance Co. of Texas.

The rating agency also affirmed the financial strength rating of A+ and the long-term issuer credit rating of "aa-" of Combined Insurance Co. of America and Combined Life Insurance Co. of New York.

Additionally, A.M. Best upgraded the long-term issuer credit rating to "a+" from "a" and affirmed the financial strength rating of A of Chubb Seguros Panama S.A.

The financial strength rating of A- and the long-term issuer credit rating of "a-" of ACE Life Insurance Co. were also affirmed.

Lastly, A.M. Best affirmed the long-term issuer credit rating of "a+" and the long-term issue credit rating of Chubb Ltd. and Chubb INA Holdings Inc.

The outlook of these ratings is stable.

The ratings of the core North American property and casualty subsidiaries reflect each company's favorable risk-adjusted capitalization, excellent underwriting and overall operating performance and sustained competitive advantages within its geographically diversified standard and specialty commercial and high net worth personal insurance businesses, A.M. Best said.

The rating agency expects that the losses incurred by Chubb Ltd. following the recent catastrophic events, including Hurricanes Harvey, Irma and Maria and recent seismic activity in Mexico, will be contained within the organization's risk tolerances.

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A.M. Best has removed from under review with negative implications and affirmed the financial strength rating of B++ and the long-term issuer credit rating of "bbb+" of Knight Insurance Co. Ltd. and its reinsured U.S. insurance company subsidiary, Knight Specialty Insurance Co.

The outlook assigned to the financial strength ratings is stable, while the outlook assigned to the long-term issuer credit ratings is negative.

Concurrently, A.M. Best has removed from under review with negative implications and affirmed the financial strength rating of B++ and the long-term issuer credit rating of "bbb" of its affiliate, KnightBrook Insurance Co.

The outlook assigned to these ratings is negative.

A.M. Best said the ratings actions follow the completion of the 2016 financial audits, as well as the 2015 and 2016 financial audits of the companies' parent, Knight Holdings Inc.

The ratings reflect Knight Insurance's excellent risk-adjusted capitalization and the strategic role Knight Insurance performs as member of the Hankey Group, a group of companies that operates in the retail automotive industry, the rating agency said.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.