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Insurance ratings actions, May 26

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Insurance ratings actions, May 26

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

Moody's has affirmed Fidelity & Guaranty Life Insurance Co.'s insurance financial strength rating at Baa2 and Fidelity & Guaranty Life Holdings Inc.'s senior unsecured debt rating at Ba2.

The outlook is stable.

The affirmation follows Fidelity & Guaranty Life's announced acquisition by CF Corp. Moody's expects that the company's business strategy and risk profile will not change, with the current management team and other key employees remaining in place if the merger closes.

The rating agency expects Fidelity & Guaranty Life to take steps to accelerate growth and profitability through the improved investment management abilities of its new partners, should the deal be completed.

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A.M. Best has upgraded the financial strength rating to A- from B++ and the long-term issuer credit rating to "a-" from "bbb+" for GBU Financial Life.

The outlook was revised to stable from positive.

The rating agency said the upgrades reflect GBU Financial Life's growing membership base and favorable recent premium growth trends.

Property and casualty

A.M. Best has removed from under review with positive implications and upgraded the financial strength ratings to A from B++ and the long-term issuer credit ratings to "a" from "bbb+" of Mountain States Commercial Insurance Co. and Mountain States Indemnity Co.

The outlooks are stable.

These ratings upgrades follow the merger of Mountain States Mutual Casualty Co. with and into Donegal Mutual Insurance Co., which resulted in Donegal Mutual's acquisition of Mountain States Commercial and Mountain States Indemnity.

A.M. Best added that the ratings upgrade reflects the implementation of a 100% quota share reinsurance contract in which Donegal Mutual reinsures 100% of Mountain State Commercial's and Mountain States Indemnity's premiums, losses and expenses.

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A.M. Best has downgraded the financial strength rating to A from A+ and the long-term issuer credit rating to "a+" from "aa-" of Toa Reinsurance Co. Ltd. and its subsidiary, Toa Reinsurance Co. of America.

The outlook is stable.

The company's profile in the global reinsurance market is not comparable to its peers, which are large global reinsurers, and is not strong enough to support the rating, A.M. Best said.

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A.M. Best has assigned a long-term issuer credit rating of "bbb-" to Kinsale Capital Group Inc.

Concurrently, A.M. Best has affirmed the financial strength rating of A- and long-term issuer credit rating of "a-" of Kinsale Insurance Co.

The outlook is stable.

The rating affirmations reflect Kinsale Insurance's solid risk-adjusted capitalization and strong operating results, the agency said. A.M. Best also cited the conservative operating strategy Kinsale has used since it commenced operations in 2010.

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A.M. Best has affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of DTRIC Insurance Co. Ltd. and its reinsured affiliate, DTRIC Insurance Underwriters Ltd.

The outlook is stable.

A.M. Best said the ratings reflect DTRIC Insurance's adequate risk-adjusted capitalization and the operating performance provided by its ultimate parent company, Aioi Nissay Dowa Insurance Co. Ltd.

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A.M. Best has affirmed the financial strength rating of A+ and the long-term issuer credit ratings of "aa" of Mitsui Sumitomo Insurance Co. of America, Mitsui Sumitomo Insurance USA Inc. and Aioi Nissay Dowa Insurance Co. of America.

The outlook is stable.

The ratings of Mitsui Sumitomo Insurance have been extended to its U.S. subsidiaries, as these hold a strategic role within the organization as U.S. domestic insurers and receive the benefit of explicit support provided through internal reinsurance, A.M. Best said.