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
Fitch Ratings affirmed the AA- insurer financial strength ratings of Kaiser Foundation Health Plan Inc. and its insurance subsidiaries, Kaiser Foundation Health Plan of Washington Options Inc., Kaiser Foundation Health Plan of the Northwest, Kaiser Foundation Health Plan of Georgia Inc., Kaiser Foundation Health Plan of the Mid-Atlantic States Inc., Kaiser Foundation Health Plan of Colorado, Kaiser Foundation Health Plan of Washington and Kaiser Permanente Insurance Co. The outlook remains stable.
The ratings reflect the rating agency's assessment of the company's very strong business profile, strong capitalization and leverage metrics and its very strong and consistent operating profitability.
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Fitch affirmed the BBB issuer default rating of White Mountains Insurance Group Ltd. The outlook remains evolving.
The rating agency is reviewing White Mountains under bespoke criteria.
In late September 2017, OneBeacon Insurance Group Ltd. merged into Intact Financial Corp., which removed significant traditional property and casualty insurance operations at White Mountains. Fitch expects White Mountains to ultimately redeploy its capital into a new traditional property and casualty insurance operations.
Europe
S&P Global Ratings affirmed the BBB+ long-term insurer financial strength and issuer credit ratings of Fiatc Mutua de Seguros y Reaseguros.
The outlook is stable, reflecting the rating agency's expectation that the company will continue to benefit from its leading position in Catalonia and its resilient capital adequacy over the next 12 to 24 months.
The outlook also reflects the rating agency's expectation that the company's mutual funds will increase in line with its capital requirements.
Asia-Pacific
S&P Global Ratings affirmed the A- long-term local-currency insurer financial strength and issuer credit ratings of BOC Insurance Co. Ltd.
The outlook is stable, reflecting the rating agency's expectation that the company will maintain its strategic importance to its parent Bank of China Ltd. over the next two years. The stable outlook also reflects the rating agency's view that the company will maintain its satisfactory capitalization while gradually improving its underwriting performance.
The affirmation reflects the company's satisfactory capital position and modest presence within the property and casualty insurance market in China, according to S&P Global Ratings.
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S&P Global Ratings revised the outlook to positive from stable of Medical Insurance Society Ltd. and Medical Life Assurance Society Ltd. The rating agency also affirmed the companies' A- long-term insurer financial strength and issuer credit ratings.
The positive outlook reflects the rating agency's expectation that the companies' parent, Medical Assurance Society New Zealand Ltd., will deliver solid group earnings, continue to deepen engagement with target segments, maintain high retention rates and retain key balance sheet strengths over the next 18 to 24 months.
The affirmation reflects the rating agency's view that the companies will remain core subsidiaries of the Medical Assurance Society group and its expectation that the group will support the companies under any circumstance.
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S&P Global Ratings affirmed the BBB+ long-term and A-2 short-term issuer credit ratings of Cathay Financial Holding Co. Ltd.
The outlook is stable, reflecting the rating agency's view that its flagship subsidiary, Cathay Life Insurance Co. Ltd., will remain the flagship entity and a core member of the group, and will dominate the overall group credit profile over the next few years.
The affirmation reflects the rating agency's view that the consolidated group credit profile mainly reflects the credit profile of Cathay Life Insurance, which contributes about 70% of the total consolidated assets and 60% of shareholders' equity to the Cathay Financial Holding group, as of the end of June.
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S&P Global Ratings affirmed the A- local currency long-term financial strength and issuer credit ratings of Cathay Life Insurance.
The outlook is stable, reflecting the rating agency's view that the company will remain as the flagship entity and a core member of the Cathay Financial Holding group, and that it will dominate the group credit profile over the next few years.
The affirmation reflects the company's leading market position, well-established franchise from its large operating scale, very strong control over distribution channels, and good underwriting risk control compared with its domestic life insurer peers, according to S&P Global Ratings.
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S&P Global Ratings affirmed the A- long-term insurer financial strength and issuer credit ratings of Cathay Century Insurance Co. Ltd.
The outlook is stable, reflecting the rating agency's expectation that the Cathay Financial Holding group will maintain its leading position in Taiwan's financial service industry, and that the group's major operating subsidiaries will maintain stable capitalization over the next one to two years.
The affirmation takes into account the rating agency's view that Cathay Century will remain a core entity of the group.
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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