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Insurance ratings actions: A.M. Best downgrades West Virginia Mutual Insurance

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.

Life and health

A.M. Best has removed from under review with negative implications and affirmed the financial strength rating of B++ (Good) and the long-term issuer credit rating of "bbb" of Trans World Assurance Co.

The outlook is stable.

A.M. Best said the ratings reflect the company's very strong balance sheet strength, adequate operating performance, limited business profile and marginal enterprise risk management.

The balance sheet strength is supported by the company's risk-adjusted capitalization being at the strongest level and by its strong liquidity profile. The balance sheet assessment also considers the financial position and modest financial leverage of its parent company, TWA Corp., the agency said.

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A.M. Best has affirmed the long-term issuer credit rating of "b" and the existing long-term issue credit ratings of Phoenix Cos. Inc.

A.M. Best has also affirmed the financial strength ratings of B (Fair) and the long-term issuer credit ratings of "bb+" of Phoenix's life and health subsidiaries Phoenix Life Insurance Co., PHL Variable Insurance Co. and Phoenix Life & Annuity Co.

At the same time, the rating agency has affirmed the financial strength ratings of B (Fair) and the financial strength ratings of "bb+" of Pyramid Life Insurance Co. and Constitution Life Insurance Co.

The outlook of these ratings is stable.

The ratings reflect Phoenix's adequate balance sheet strength, weak operating performance, neutral business profile and marginal enterprise risk management, A.M. Best said.

The companies are all core entities of Nassau Reinsurance Group Holdings LP.

Managed care

S&P Global Ratings has withdrawn its B long-term issuer credit and senior secured debt ratings on MMM Holdings Inc., at the issuer's request.

The company repaid its debt and entered into a new credit agreement, S&P said.

At the time of withdrawal, the outlook was stable.

Property and casualty

A.M. Best has removed from under review with negative implications and downgraded the financial strength rating to B++ (Good) from A- (Excellent) and the long-term issuer credit rating to "bbb+" from "a-" of West Virginia Mutual Insurance Co.

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

Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best's rating process.

A.M. Best said the ratings reflect the company's strongest balance sheet strength, its marginal operating performance, limited business profile and appropriate enterprise risk management.

Additionally, the rating actions reflect the continued weakness in the company's underwriting and operating results, and the continued challenges given competitive market conditions and the dynamics within the medical professional liability segment, the rating agency added.

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A.M. Best has revised the outlooks to stable from negative and affirmed the financial strength ratings of A- (Excellent) and the long-term issuer credit ratings of "a-" of Germania Farm Mutual Insurance Association and its subsidiaries Germania Fire & Casualty Co., Germania Insurance Co. and Germania Select Insurance Co.

A.M. Best has also affirmed the financial strength rating of B++ (Good) and the long-term issuer credit rating of "bbb" of Germania Farm Mutual Insurance's unit Texas Heritage Insurance Co. Concurrently, A.M. Best has withdrawn the ratings of Texas Heritage as the company has requested to no longer participate in A.M. Best's rating process.

Additionally, the rating agency has affirmed the financial strength rating of B++ (Good) and the long-term issuer credit rating of "bbb+" of Germania Life Insurance Co.

The outlook of these ratings is stable.

A.M. Best said the ratings of Germania Farm Mutual Insurance and its units reflect the group's very strong balance sheet strength, its adequate operating performance, limited business profile and appropriate enterprise risk management.

Meanwhile, the rating affirmations of Germania Farm Mutual Insurance's units recognize their very strong risk-adjusted capitalization, longtime experience and expertise in the Texas marketplace and conservative investment philosophy. The revised outlooks for these units reflect the improvement in the group's operating results, A.M. Best said.

The ratings of Texas Heritage reflect the company's strong balance sheet strength, marginal operating performance, limited business profile and appropriate enterprise risk management. Its ratings also reflect the support from its parent, Germania Farm Mutual Insurance, the rating agency added.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.

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