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In This List

Insurance ratings actions: A.M. Best affirms AmTrust; Fitch acts on MetLife

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Insurance ratings actions: A.M. Best affirms AmTrust; Fitch acts on MetLife

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 long-term issuer credit rating of "bbb-" of AmTrust Financial Services Inc. and the financial strength rating of A- and the long-term issuer credit rating of "a-" of AmTrust Title Insurance Co.

At the same time, A.M. Best also affirmed the financial strength ratings of A- and long-term issuer credit ratings of "a-" for the members of the AmTrust Group.

The members are AmTrust Captive Solutions Ltd., AmTrust Europe Ltd., AmTrust Insurance Co. of Kansas Inc., AmTrust Insurance Luxembourg S.A., AmTrust International Insurance Ltd., AmTrust International Underwriters DAC, ARI Insurance Co., Associated Industries Insurance Co. Inc., CorePointe Insurance Co., Developers Surety and Indemnity Co., First Nonprofit Insurance Co., Heritage Indemnity Co., Indemnity Co. of California, Milford Casualty Insurance Co., Republic Fire and Casualty Insurance Co., Republic Lloyds, Republic Underwriters Insurance Co., Republic-Vanguard Insurance Co., Rochdale Insurance Co., Security National Insurance Co., Sequoia Indemnity Co., Sequoia Insurance Co., Southern County Mutual Insurance Co., Southern Insurance Co., Southern Underwriters Insurance Co., Technology Insurance Co. Inc. and Wesco Insurance Co.

The outlook of the credit ratings is stable.

Concurrently, the agency withdrew the ratings for AmTrust Financial as the company no longer discloses its consolidated financial information publicly following its recent privatization.

The ratings of AmTrust reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management.

The ratings of AmTrust Title reflect its very strong balance sheet, marginal operating performance, limited business profile and marginal enterprise risk management.

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A.M. Best affirmed the financial strength ratings of A and the long-term issuer credit ratings of "a" of the rated operating subsidiaries of James River Group Holdings Ltd. and the long-term issuer credit rating of "bbb" of JRG Holdings.

The subsidiaries are JRG Reinsurance Co. Ltd., James River Insurance Co., James River Casualty Co., Falls Lake National Insurance Co., Stonewood Insurance Co., Falls Lake Fire and Casualty Co. and Carolina Re Ltd.

The ratings of JRG Holdings' operating subsidiaries reflect their balance sheet strength, which A.M. Best categorizes as very strong, as well as their adequate operating performance, neutral business profiles and appropriate enterprise risk management.

The affirmations and outlooks reflect the history of maintaining a very strong level of risk-adjusted capitalization in line with exposures.

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Fitch Ratings affirmed the A long-term issuer default rating of RenaissanceRe Holdings Ltd. and the A+ insurer financial strength rating of its subsidiary, Renaissance Reinsurance Ltd.

The outlook is stable.

The affirmation reflects RenaissanceRe Holdings' moderate business profile, with a favorable position in property catastrophe reinsurance and moderate diversification into casualty and specialty business.

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A.M. Best upgraded the financial strength ratings to A from A- and the long-term issuer credit ratings to "a" from "a-" of Premera Blue Cross and its subsidiaries, LifeWise Assurance Co. and LifeWise Health Plan of Washington.

The outlook of the credit rating was revised to stable from positive.

The ratings reflect Premera's 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.

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Fitch affirmed the A long-term issuer default rating and F1 short-term issuer default rating of MetLife Inc. and the insurer financial strength rating of AA- of its subsidiary, Metropolitan Tower Life Insurance Co.

The agency also affirmed the A+ long-term issuer default rating and the insurer financial strength rating AA- of Metropolitan Life Insurance Co. Its short-term issuer default rating of F1+ remains under criteria observation.

The affirmation of MetLife's ratings reflects the company's very strong business profile, supported by very strong market positions in several major insurance product lines and markets in the U.S. and select international markets, as well as Fitch's view that the company's strong balance sheet fundamentals and excellent financial flexibility remain consistent with rating expectations.

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A.M. Best downgraded the financial strength ratings to A from A+ and the long-term issuer credit ratings to "a+" from "aa-" of Ohio National Life Insurance Co. and its wholly owned subsidiary, Ohio National Life Assurance Corp.

Concurrently, A.M. Best downgraded the long-term issuer credit rating to "bbb+" from "a-" of Ohio National Financial Services Inc. and the financial strength rating to A- from A and the long-term issuer credit rating to "a-" from "a+" of National Security Life and Annuity Co.

The outlook of these credit ratings is stable.

The ratings of Ohio National Life Group reflect its 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 downgrades reflect a revision in A.M. Best's assessment of the company's business profile to neutral from favorable.

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

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A.M. Best affirmed the long-term issuer credit rating of "a-" of Reinsurance Group of America Inc.

At the same time, the agency also affirmed the financial strength ratings of A+ and the long-term issuer credit ratings of "aa-" of RGA Reinsurance Co., RGA Americas Reinsurance Co. Ltd. and its subsidiaries, RGA Life Reinsurance Co. of Canada and RGA Atlantic Reinsurance Co. Ltd.

The outlook of these credit ratings is stable.

The ratings reflect Reinsurance Group of America's balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, favorable business profile and very strong enterprise risk management.

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S&P Global Ratings affirmed the BBB+ long-term issuer credit rating of Sammons Financial Group Inc. and the A+ long-term issuer credit and financial strength ratings of Midland National Life Insurance Co. and North American Co. for Life and Health Insurance.

The outlook is stable.

The ratings reflect the company's strong business risk profile, supported by its well-balanced product portfolio compared with peers, as well as its proven ability to generate consistent profitable growth in all of its key business segments.

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S&P Global Ratings affirmed the A- issuer credit ratings of Principal Financial Group Inc. and Principal Financial Services Inc. and the A+ issuer credit and financial strength ratings of Principal Life Insurance Co. and Principal National Life Insurance Co.

The outlook is stable, reflecting the rating agency's expectation that Principal Financial Group's competitive advantages are sustainable and that its management team will maintain capital that is at least sufficient at the BBB level.

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A.M. Best affirmed the financial strength ratings of A and the long-term issuer credit ratings of "a" of Priority Health and its subsidiary, Priority Health Choice Inc.

The outlook of the financial strength rating remains stable.

The outlook for the long-term issuer credit rating was revised to stable from positive, reflecting Priority Health's strengthening of risk-adjusted capital and balance sheet strength assessment.

A.M. Best also wthdrew the ratings of Priority Health Choice, as the company has requested to no longer participate in the ratings process.

The credit ratings reflect Priority Health’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.

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A.M. Best removed from under review with positive implications and downgraded the financial strength rating to B from B+ and the long-term issuer credit rating to "bb" from "bbb-" of QCA Health Plan Inc.

The outlook assigned to these credit ratings is negative.

Concurrently, A.M. Best withdrew the ratings of QCA Health Plan, at the company's request to no longer participate in A.M. Best's interactive rating process.

The ratings reflect QCA Health Plan's balance sheet strength, which A.M. Best categorizes as adequate, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.

The downgrades reflect the projected decline in risk-adjusted capitalization following the $30 million dividend paid by QCA Health Plan upon the closing of its acquisition by Centene Corp. during the second quarter.

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Moody's affirmed the Baa2 long-term issuer rating of Assured Guaranty Ltd. and the A3 insurance financial strength rating of its subsidiary, Assured Guaranty Corp.

The agency also affirmed the A2 insurance financial strength ratings of Assured Guaranty Municipal Corp. and Assured Guaranty (Europe) Plc.

The outlook remains stable.

The affirmation reflects that the parent's strengthening capital adequacy profile due to an increase in its capital resources resulting from several acquisitions of legacy financial guarantors over the past several years.

The rating of Assured Guaranty (Europe) reflects a combination of formal and implicit support from its parent, Assured Guaranty Municipal.

Europe

S&P Global Ratings affirmed the A long-term insurer financial strength and issuer credit ratings of Versicherungskammer Bayern Versicherungsanstalt des öffentlichen Rechts.

The outlook is stable.

The affirmation reflects the agency's view of the company's position as the largest German public insurance group and its key role within the German savings bank sector.

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Fitch upgraded JSC Russian National Reinsurance Co.'s insurer financial strength rating to BBB from BBB-.

The outlook is stable.

The upgrade follows Fitch's upgrade of Russia's long term local-currency issuer default rating to BBB from BBB-.

The rating reflects the strong parental support available to the company and its exclusive position in the local reinsurance sector underpinned by regulation.

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A.M. Best affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of Delvag Versicherungs-AG.

The outlook of these credit ratings remains stable.

The ratings reflect Delvag'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.

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S&P Global Ratings raised the long-term insurer financial strength and issuer credit ratings of JSC Eurasia Insurance Co. to BBB from BBB- and affirmed the "kzAAA" Kazakhstan national scale rating of the company.

The outlook is stable, reflecting that the company will remain the leading insurer in Kazakhstan's property and casualty insurance market and continue developing its property and casualty inward reinsurance business, allowing it to deliver solid profitability and maintain ample capital and liquidity buffers over the next two years.

The ratings action follows a review of Eurasia Insurance under the agency's revised criteria.

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Fitch upgraded JSC IC Allianz's insurer financial strength rating to BBB+ from BBB.

The outlook is stable.

The ratings action follows Fitch's upgrade of Russia's local currency issuer default rating to BBB from BBB-. Fitch believes that the stand-alone credit profile of JSC IC Allianz benefits from a stronger business profile and improved average credit quality of its investment portfolio following the recent upgrade of Russia's sovereign rating.

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Fitch affirmed the A+ insurer financial strength ratings of DEVK Deutsche Eisenbahn Versicherung Sach- und HUK-Versicherungsverein a.G. Betriebliche Sozialeinrichtung der Deutschen Bahn and DEVK Deutsche Eisenbahn Versicherung Lebensversicherungsverein a.G. Betriebliche Sozialeinrichtung der Deutschen Bahn.

The agency also affirmed the A+ insurer financial strength ratings of DEVK Deutsche Eisenbahn Versicherung Sach's main subsidiaries and the A- insurer financial strength rating of Echo Rueckversicherungs-AG.

The outlooks on the insurer financial strength ratings are stable.

The affirmations reflect the DEVK group's very strong capitalization, strong business profile and DEVK P&C's strong reserving methodologies.

The affirmation of Echo Re reflects Fitch's view that the reinsurer continues to be very important to the DEVK group.

Middle East and Africa

A.M. Best assigned a financial strength rating of B and a long-term issuer credit rating of "bb" to Seguradora Internacional de Mocambique S.A.R.L.

The outlook assigned to these credit ratings is stable.

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

Asia-Pacific

S&P Global Ratings affirmed the A long-term insurer financial strength and issuer credit ratings of Central Reinsurance Corp. with a stable outlook.

The ratings on Central Reinsurance reflect the company's strong direct relationships with local clients and solid domestic market position, very strong capital and earnings, and diversified and prudent investment profile. The ratings also reflect the company's good risk controls with satisfactory operating performance.

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S&P Global Ratings affirmed the A- long-term local currency insurer financial strength and issuer credit ratings of Taiwan Fire & Marine Insurance Co. Ltd.

The outlook is stable.

The ratings reflect the company's very strong capital and earnings relative to its risk profile as well as the rating agency's expectation that the insurer will maintain its prudent business growth strategy with above-average underwriting performance.

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S&P Global Ratings affirmed the A- local currency long-term insurer financial strength and issuer credit ratings of First Insurance Co. Ltd. with a stable outlook.

The ratings of First Insurance reflect the insurer's very strong capital and earnings and exceptional liquidity.

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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