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

U.S. and Canada

A.M. Best placed under review with negative implications the A financial strength rating and the "a" long-term issuer credit ratings of the members of NORCAL Group, NORCAL Mutual Insurance Co., NORCAL Specialty Insurance Co., Medicus Insurance Co., FD Insurance Co. and Preferred Physicians Medical RRG.

The ratings action comes as the group's third-quarter results, which included $30 million of adverse loss reserve development, deviated from projections.

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A.M. Best affirmed the A+ financial strength ratings and the "aa" long-term issuer credit ratings of Minnesota Life Insurance Co. and its subsidiary, Securian Life Insurance Co. The rating agency also affirmed the A financial strength rating and the "a+" long-term issuer credit rating of Securian Casualty Co.

Additionally, A.M. Best affirmed the A financial strength rating and the "a" long-term issuer credit rating of Canadian Premier Life Insurance Co. and the "a" long-term issuer credit rating of Securian Financial Group Inc. The outlook is stable.

The ratings of Minnesota Life and Securian Life reflect the companies' balance sheet strength, which A.M. Best categorizes as strongest, as well as their strong operating performance, favorable business profile and appropriate enterprise risk management.

The ratings of Securian Casualty and Canadian Premier reflect their balance sheet strength, which A.M. Best categorizes as very strong, as well as their adequate operating performance, neutral business profile and appropriate enterprise risk management.

Europe

A.M. Best affirmed the A- financial strength rating and the "a-" long-term issuer credit rating of Colonnade Insurance SA, a member of Fairfax Financial Holdings Ltd. The outlook is stable.

The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as strong, and its adequate operating performance, neutral business profile and appropriate enterprise risk management. Colonnade Insurance's balance sheet strength benefits from the explicit and implicit support provided by Fairfax, according to the rating agency.

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Fitch Ratings affirmed the A+ insurer financial strength and the A long-term issuer default rating of Old Mutual Wealth Life Assurance Ltd.

The outlooks were revised to positive from stable, reflecting the outlook revision on ReAssure Group PLC's ratings. Old Mutual Wealth's ratings are linked to that of ReAssure's following the announcement that the group will acquire it.

The rating agency views the company's strategic importance as "core" to ReAssure, reflecting Fitch's view that the acquisition supports the group's strategic objectives as a specialist closed-life consolidator.

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Fitch affirmed the AA- insurer financial strength ratings of Axa Art Versicherung AG, Axa Belgium SA, Axa China Region Insurance Co. (Bermuda) Ltd., Axa Insurance Co., Axa Insurance Pte Ltd., Axa PPP Healthcare Ltd., Axa Insurance UK Plc, Axa General Insurance Hong Kong Ltd., Axa Lebensversicherung AG, Deutsche Ärzteversicherung, Axa Krankenversicherung AG, Axa France IARD S.A., Axa Global Re, Axa Versicherung (Germany) AG, Axa Corporate Solutions Assurance, Axa France Vie S.A., Axa Life Ltd. and XL Bermuda Ltd.

The rating agency also affirmed the A long-term issuer default rating of XLIT Ltd. and the AA- insurer financial strength rating and the A+ long-term issuer default rating of Axa Versicherung AG.

Fitch also affirmed the A long-term issuer default rating and F1 short-term issuer default rating of Axa SA and withdrew the AA- insurer financial strength rating of DBV Deutsche Beamtenversicherung AG.

The outlooks were revised to positive from stable, reflecting the rating agency's view that the group is firmly on track to successfully complete its business transformation and deleveraging plan while maintaining a strong operating earnings momentum. The ratings reflect Axa's leading business franchise, very strong capitalization and strong profitability.

Asia-Pacific

S&P Global Ratings downgraded the long-term financial strength and issuer credit ratings to BBB+ from A- of Asia Capital Reinsurance Group Pte. Ltd. The ratings were placed on CreditWatch with negative implications. The ratings were subsequently withdrawn at the issuer's request.

The downgrade reflects the rating agency's view that the company's competitive position has weakened following the announcement that it has ceased writing new business and that its existing portfolio will be placed into runoff in line with its proposed acquisition by Catalina Holdings (Bermuda) Ltd.

The rating agency expects that the company will maintain its strong capitalization in the interim, which may be diluted by the uncertainty of Catalina's plans for the company and its eventual capital management strategy.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.

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