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In This List

Insurance ratings actions: A.M. Best upgrades PVI Insurance, PVI Reinsurance

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Insurance ratings actions: A.M. Best upgrades PVI Insurance, PVI Reinsurance

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 affirmed the "bbb" long-term issuer credit rating of National Western Life Group Inc.

Additionally, the rating agency affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of National Western Life Insurance Co. A.M. Best also affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Ozark National Life Insurance Inc., which was acquired by National Western Life Insurance earlier this year.

The outlook of all ratings is stable.

The ratings of National Western Life Insurance reflect its balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect the company's relatively diversified business profile through its domestic life, annuity and runoff international life operating segments.

The ratings of Ozark National Life reflect its balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

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S&P Global Ratings affirmed the BBB long-term issuer credit ratings of Symetra Financial Corp. and the A issuer credit and financial strength ratings of the company's core operating subsidiaries: Symetra Life Insurance Co. and First Symetra National Life Insurance Co. of New York.

The outlook is stable, reflecting the rating agency's expectation that Symetra Financial will sustain and improve its market position as it strengthens distribution relationships, producing balanced growth across key business divisions.

The ratings consider the company's strong business risk profile aided by diversified product portfolio, long-standing established market position in the nonlife group medical stop-loss insurance business as well as 8th largest fixed annuity seller based on LIMRA Inc. data for the first quarter.

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S&P Global Ratings affirmed the A+ insurer financial strength and issuer credit ratings of operating company ACUITY A Mutual Insurance Co.

The outlook is stable, reflecting the company's maintenance of extremely strong capital with a comfortable redundancy at the AAA stress level and improved operating metrics, according to the rating agency.

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S&P Global Ratings affirmed the A insurer financial strength and long-term issuer credit ratings of the core subsidiaries of Assurant Inc., as well as the BBB long-term issuer credit rating of the parent holding company.

The outlook is stable, reflecting the rating agency's view that the group will keep a strong competitive position and very strong capital and earnings.

Europe

A.M. Best placed under review with negative implications the financial strength rating of A- and the long-term issuer credit rating of "a-" of Cayman Islands-based United Insurance Co. and its subsidiary, Luxembourg-based United Re (Europe) SA.

United Insurance agreed to acquire and assign to a commonly owned entity, the acquisition target, in a deal that has not been disclosed publicly and is subject to regulatory approval. The under review status with negative implications reflects A.M. Best's concerns that the transaction has put pressure on United Insurance's capital strength and liquidity position.

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S&P Global Ratings affirmed the A+ long-term insurer financial strength and issuer credit ratings of the core subsidiaries of Germany-domiciled DEVK Insurance Group: DEVK Deutsche Eisenbahn Versicherung Sach- und HUK-Versicherungsverein a.G. Betriebliche Sozialeinrichtung der Deutschen Bahn, DEVK Rückversicherungs- und Beteiligungs-AG, DEVK Allgemeine Lebensversicherungs-AG and DEVK Allgemeine Versicherungs-AG.

The outlook is stable, indicating the rating agency's expectations that the group will sustain capital at present levels and results at least in line with its German peers', particularly in the property and casualty market.

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S&P Global Ratings affirmed the A+ ratings of the core companies of Germany-based multiline insurer VHV Insurance Group: property and casualty insurers VHV Vereinigte Hannoversche Versicherung AG and VHV Allgemeine Versicherung AG, and life insurer Hannoversche Lebensversicherung AG.

The A- rating of the group's holding company, VHV Holding AG, was also affirmed.

The outlook is stable, mirroring the rating agency's view that the group will defend its strong competitive position in the German market and that its earnings will remain stable in spite of ongoing low interest rates.

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S&P Global Ratings affirmed the A+ long-term insurer financial strength and issuer credit ratings of the core subsidiaries of Germany-based Deutsche Rueckversicherung Insurance Group.

The outlook is stable, reflecting S&P Global Ratings' expectation that Deutsche Rueckversicherung will keep its improved underwriting performance and capital redundancy at the AAA level.

The rating considers the German reinsurer's role as the preferred property reinsurer in the German public liability insurance sector because of its well-established relationship with its main clients. The rating agency also views the group's efforts to diversify its premiums outside the PLI sector through both Deutsche Rückversicherung AG and Deutsche Rückversicherung Schweiz AG as favorable.

The Middle East and Africa

A.M. Best affirmed the financial strength rating of A and the long-term issuer credit ratings of "a" of Gulf Insurance Group KSCP and its subsidiary, Gulf Insurance & Re-insurance Co. KSC (Closed). The outlook was revised to negative from stable.

The ratings reflect Gulf Insurance Group's balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

The revision of the outlook considers the deterioration of the group's consolidated balance sheet strength.

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A.M. Best upgraded the long-term issuer credit rating to "bbb+" from "bbb" and affirmed the financial strength rating of B++ of Egypt-based Arab Misr Insurance Group SAE. The outlook is stable.

The ratings reflect the insurer's balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

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S&P Global Ratings affirmed the zaAAA South Africa national scale rating of Sanlam Life Insurance Ltd.

The rating was based on the group credit profile of the company's parent, Sanlam Ltd., according to the rating agency. S&P Global Ratings considers Sanlam Life to be core to the group given that it accounts for the majority of the group's revenue, earnings and capital.

The rating agency noted Sanlam's strong competitive position, buoyed by its dominant position in South Africa and increasing presence in the rest of Africa, particularly after its completed acquisition of Saham Finances SA. Country- and industry-related risks, however, weigh negatively on Sanlam's business risk profile.

Asia-Pacific

A.M. Best upgraded the long-term issuer credit rating to "bbb+" from "bbb" and affirmed the financial strength rating of B++ of Vietnam's PVI Insurance Corp. The outlook is stable.

The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

A.M. Best also upgraded the financial strength rating to B++ from B+ and the long-term issuer credit rating to "bbb" from "bbb-" of PVI Reinsurance Joint-Stock Corp. The outlook is stable.

The ratings reflect PVI Reinsurance's balance sheet strength, which A.M. Best categorizes as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

PVI Insurance and PVI Reinsurance benefit from rating enhancement from Haftpflichtverband der Deutschen Industrie V.a.G, or the HDI group.

The upgrades of PVI Insurance's long-term issuer credit rating and PVI Reinsurance's financial strength and long-term issuer credit ratings follow the HDI group's increased ultimate ownership of the companies and the resulting implicit support that the rating agency expects these subsidiaries to benefit from over the near term.

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S&P Global Ratings affirmed the A+ financial strength and long-term issuer credit ratings of Japan-based Dai-ichi Life Insurance Co. Ltd.

The outlook remains positive, reflecting the rating agency's view that the group is likely to continue strengthening its capitalization by accumulating retained earnings, supported by a stable foundation for earnings. The company's parent, Dai-ichi Life Holdings Inc., recently reported its earnings for the quarter ended June 30.

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S&P Global Ratings affirmed the A- long-term financial strength and issuer credit ratings of Medical Insurance Australia Pty Ltd., the principal subsidiary of Medical Defence Association Of South Australia Ltd.

The outlook is stable, reflecting S&P Global Ratings' view that the company is well placed to keep its niche market position and strong capital metrics over the next 24 months at least.

The rating agency affirmed the ratings because it expects the insurer to maintain its stand-alone credit profile and likelihood of group support over the next 12 to 24 months.

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S&P Global Ratings affirmed the A financial strength and long-term issuer credit ratings and A-1 short-term issuer credit ratings of Meiji Yasuda Life Insurance Co. and subsidiary Meiji Yasuda General Insurance Co. Ltd.

The outlook is positive, based on the rating agency's view that the group will be able to further improve its capital base over the next two years. Meiji Yasuda Life Insurance recently announced its earnings for the quarter ended June 30.

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S&P Global Ratings affirmed the A financial strength and long-term issuer credit ratings of Seoul-based Korean Reinsurance Co. and its core subsidiary, Korean Reinsurance Switzerland AG.

The outlook on Korean Reinsurance's ratings is stable, taking into account the rating agency's view that the company will keep its dominance in the local reinsurance market and current capital and earnings over the next 12 to 24 months while gradually expanding into overseas markets.

The outlook on Korean Reinsurance Switzerland's ratings is also stable, reflecting the outlook on Korean Reinsurance's ratings with S&P Global Ratings' expectation that the subsidiary will remain a core unit of the group over the next two years.

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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