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.
A.M. Best removed from under review with positive implications and upgraded the financial strength rating to A+ from A- and the long-term issuer credit ratings to "aa-" from "a-" of Maxum Indemnity Co. and Maxum Casualty Insurance Co.
The outlook assigned to the ratings is stable.
Both companies were acquired by The Hartford Financial Services Group Inc. on July 29, 2016. The ratings reflect the 100% quota share reinsurance agreement recently executed between each of the two companies and Hartford Fire Insurance Co., A.M. Best said.
A.M. Best revised the outlooks to negative from stable and affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of the members of the GuideOne Insurance Cos.
The members are GuideOne Mutual Insurance Co., GuideOne Specialty Mutual Insurance Co., GuideOne America Insurance Co., GuideOne Elite Insurance Co., GuideOne National Insurance Co. and GuideOne Property & Casualty Insurance Co.
The outlook changes reflect the group's continued exposure to weather and natural catastrophe losses, which have negatively impacted results in recent years, and did so again in 2016, according to the rating agency. Additional factors include the execution risk associated with the group's product expansion efforts, its personal lines book run-off and volatile operating earnings over the last five-year period.
A.M. Best affirmed the long-term issuer credit rating of "bbb+" of ACMAT Corp. and affirmed the financial strength rating of A and the long-term issuer credit rating of "a+" of the company's wholly owned subsidiary, ACSTAR Insurance Co.
The outlook for the ratings is stable.
A.M. Best said the rating affirmations reflect ACSTAR Insurance's superior risk-adjusted capitalization, sustained underwriting and operating income through the construction cycle, conservative business philosophy and proven risk management practices.
S&P Global Ratings affirmed the BBB issuer credit rating and senior unsecured debt ratings on Fidelity National Financial Inc. and A financial strength rating on the operating title insurance subsidiaries that include Alamo Title Insurance Co., Fidelity National Title Insurance Co., Commonwealth Land Title Insurance Co. and Chicago Title Insurance Co.
The outlook is stable.
S&P revised its financial risk profile assessment of Fidelity National Financial to very strong from strong driven by improvement in its capital and earnings assessment to extremely strong from very strong. The ratings reflect the rating agency's view of the group's strong business risk profile and very strong financial risk profile.
The stable outlook on Fidelity National Financial recognizes the rating agency's expectation that the company will maintain its strong competitive position, including industry leading operating performance metrics and market share leadership in the U.S. title insurance sector.
S&P affirmed the BBB- issuer credit rating and senior unsecured debt ratings on First American Financial Corp., and A- financial strength rating on First American Title Insurance Co.
The outlook is stable.
The rating affirmation reflects S&P's view of First American Title Insurance's adequate competitive position and very strong capital and earnings. The rating agency revised its assessments of the company's financial flexibility to adequate from strong.
The stable outlook reflects S&P's expectation that First American Title Insurance will maintain its market position in the U.S. title insurance industry.
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