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Insurance ratings actions, Oct. 6

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Insurance ratings actions, Oct. 6

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.

Property and casualty

A.M. Best has downgraded the financial strength rating to A- from A and the long-term issuer credit rating to "a-" from "a" of New York Marine & General Insurance Co. and its subsidiaries Gotham Insurance Co. and Southwest Marine & General Insurance Co.

A.M. Best has also downgraded the long-term issuer credit rating to "bbb-" from "bbb" of ProSight Global Holdings Ltd.

The outlook is stable.

A.M. Best said the ratings downgrades are reflective of a material downturn in operating results of New York Marine and its units in 2015 and 2016 along with elevated reserve leverage measures, limited organic surplus growth over the recent five-year period and operating results that are no longer commensurate with the previous rating level.

The decline in operating performance has been attributable primarily to adverse loss reserve development in commercial auto liability in 2015 and 2016, the agency added.

ProSight Specialty Group's ratings reflect its supportive risk-adjusted capitalization, its strong market niche position in its core specialty lines and generally favorable long-term loss ratio that compares favorably with the composite, A.M. Best said.

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A.M. Best has revised the outlooks to positive from stable and affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Insurance Co. of the West and its wholly owned subsidiaries Explorer Insurance Co. and VerTerra Insurance Co.

The positive outlooks are based on the improved operating and underwriting results of Insurance Co. of the West and its units over several years, A.M. Best said.

The affirmations reflect the group's solid risk-adjusted capitalization, a comprehensive reinsurance program and a fairly conservative investment portfolio, the agency said.

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A.M. Best has placed under review with positive implications the financial strength rating of A- and long-term issuer credit rating of "a-" of Dealers Assurance Co.

The rating agency said the company is being placed under review following its proposed acquisition by Canada-based Industrial Alliance Insurance & Financial Services Inc.

A.M. Best is of the view that the acquisition will mark Industrial Alliance's introduction to the U.S. warranty space as the company will be utilizing Dealers Assurance's industry expertise and infrastructure in the U.S.