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 financial strength rating of A- and the long-term issuer credit ratings of "a-" of some of MGIC Investment Corp.'s operating subsidiaries. The outlook is stable.
The subsidiaries are Mortgage Guaranty Insurance Corp., MGIC Indemnity Corp., MGIC Assurance Corp. and MGIC Reinsurance Corp. of Wisconsin.
The ratings reflect the subsidiaries' balance sheet strength, which A.M. Best categorizes as strongest, as well as their adequate operating performance, limited business profile and appropriate enterprise risk management.
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A.M. Best affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of Rembrandt Insurance Co. Ltd., a captive re/insurer of Vitol Holding BV. The outlook remains stable.
The ratings reflect the re/insurer's balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, limited business profile and appropriate 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 "aa-" of the members of Quincy Mutual group: Quincy Mutual Fire Insurance Co., New England Mutual Insurance Co. and Patrons Oxford Insurance Co. The outlook was revised to negative from stable.
The ratings of the group reflect its balance sheet strength, which A.M. Best categorizes as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
The negative outlook reflects worsening in underwriting performance in recent years that has led to underwriting and operating metrics falling to a level more in line with the private passenger standard auto and homeowners composite average, A.M. Best said.
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A.M. Best affirmed the long-term issuer credit rating of "bbb-" of Randall & Quilter Investment Holdings Ltd., as well as the financial strength ratings of A- and the long-term issuer credit ratings of "a-" of the insurance broker's subsidiaries, Accredited Surety and Casualty Co. Inc. and Accredited Insurance (Europe) Ltd. The outlook is stable.
The ratings of the subsidiaries reflect the consolidated balance sheet strength of the parent, 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 upgraded the financial strength rating to A from A- and the long-term issuer credit rating to "a" from "a-" of SSQ Life Insurance Company Inc. The outlook was revised to stable from positive.
The ratings reflect the company'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.
The upgrade reflects SSQ Life's enhanced risk-adjusted capitalization, decreasing financial leverage, and growth of absolute capital over the past few years, A.M. Best said.
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A.M. Best affirmed the financial strength rating of B+ and the long-term issuer credit rating of "bbb-" of Casualty Underwriters Insurance Co. The outlook was revised to negative from stable.
The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management.
The negative outlook considers Casualty Underwriters's declining balance sheet strength and deteriorating operating performance, which result from the increased retention in its private passenger automobile book.
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A.M. Best affirmed the financial strength ratings of A- and the long-term issuer credit ratings of "a-" of Arbella Mutual Insurance Co. Inc. and its three pooled insurance entities: Covenant Insurance Co., Arbella Indemnity Insurance Co. and Arbella Protection Insurance Co. The outlook was revised to positive from stable.
The ratings of the companies' reflect their balance sheet strength, which A.M. Best categorizes as very strong, as well as their adequate operating performance, neutral business profile and appropriate enterprise risk management.
The revised outlooks consider the group's strengthened risk-adjusted capitalization, aided by favorable trends in surplus growth and loss reserve development, as well as an improved reinsurance program.
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A.M. Best upgraded the financial strength rating to B- from C++ and the long-term issuer credit rating to "bb-" from "b+" of First Chicago Insurance Co. The outlook was revised to stable from positive.
Also, A.M. Best upgraded the financial strength rating to C+ from C and the long-term issuer credit rating to "b-" from "ccc" of United Security Health & Casualty Insurance Co., a subsidiary of First Chicago. The outlook of the financial strength rating remains stable, while the outlook of the long-term issuer credit rating was revised to stable from positive.
The ratings of First Chicago reflect its balance sheet strength, which A.M. Best categorizes as weak, as well as its adequate operating performance, limited business profile and marginal enterprise risk management. The upgrade of the company's ratings reflects its adequate operating performance, which produced favorable underwriting gains, net income and additions to surplus for five consecutive years.
The ratings of United Security Health reflect its balance sheet strength, which A.M. Best categorizes as weak, as well as its weak operating performance, very limited business profile and marginal enterprise risk management. The upgrade of the company's ratings mainly considers additional capital of $1.8 million contributed by its parent in 2019.
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S&P Global Ratings affirmed the BBB+ long-term issuer credit and financial strength ratings of R.V.I. Guaranty Co. Ltd. and subsidiary R.V.I. America Insurance Co.
The outlook is stable, considering the rating agency's expectation that the companies will retain their competitive position and very strong capital adequacy.
Europe
A.M. Best upgraded the financial strength rating to B++ from B+ and the long-term issuer credit rating to "bbb" from "bbb-" of Ingosstrakh Insurance Co. PJSC. The outlook is stable.
The ratings reflect Ingosstrakh's balance sheet strength, which A.M. Best categorizes as strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
The upgrade considers the improvement in the company's operating performance and its stabilization at a strong level over recent years.
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Fitch Ratings affirmed the B insurer financial strength rating of Belarusian Republican Unitary Insurance Co. The outlook is stable.
The rating takes into account the insurer's strong market position in the local insurance sector, the presence of guarantees for insurance liabilities under compulsory lines, and the insurer's leading market position in a number of segments in Belarus. The rating also mirrors Belarusian Republican Unitary's low profitability and capital position, and weak investment portfolio quality.
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Fitch affirmed the A long-term issuer default rating of Phoenix Group Holdings PLC and the A+ insurer financial strength ratings of the insurer's principal operating life companies: Phoenix Life Ltd., Phoenix Life Assurance Ltd. and Standard Life Assurance Ltd. The outlook is stable.
The ratings of Phoenix Group indicates its very strong capitalization and leverage, and its strong debt service capabilities/financial flexibility, earnings and business profile, Fitch said.
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S&P Global Ratings affirmed the A+ long-term insurer financial strength and issuer credit ratings of Swiss Life group's core operating entities. The rating agency also affirmed the A- issuer credit rating of Swiss Life Holding AG.
The outlook is stable, recognizing S&P Global Ratings' expectation that Swiss Life will sustain its current extremely strong capital adequacy levels and show strong earnings generation as it broadens its asset management and other fee business.
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S&P Global Ratings affirmed the A long-term issuer credit and financial strength ratings of the core operating entities of insurance group UNIQA, as well as the group's operating holding company and highly strategic subsidiary.
The outlook remains stable, taking into account the rating agency's expectation that the group will maintain its extremely strong capital adequacy, keeping its strong competitiveness in its home market.
UNIQA's ratings reflect the group's strong position as the second-largest insurance group in Austria, with some further expansion into Central and Eastern Europe insurance markets, S&P Global Ratings said.
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S&P Global Ratings affirmed the A+ long-term issuer credit and financial strength ratings of Swiss insurance group Baloise's core operating entities. Also, the rating agency affirmed the A- long-term issuer credit rating on the group's holding company, Bâloise Holding AG, and the A long-term issuer credit and financial strength ratings of Basler Sachversicherungs AG.
The outlook is stable, considering S&P Global Ratings' expectation that Baloise's capital adequacy will stay at the AAA level, backed by strong earnings.
Asia-Pacific
A.M. Best affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of Cosco Shipping Captive Insurance Co. Ltd., the insurance unit of China Cosco Shipping Corp. Ltd. The outlook is stable.
The ratings reflect Cosco Shipping Captive'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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S&P Global Ratings affirmed the A+ long-term insurer financial strength and issuer credit ratings of China Life Insurance Co. Ltd.
The outlook is stable, reflecting the rating agency's expectation that the insurer will preserve its very strong competitive position with sound capitalization over the next two years.
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S&P Global Ratings affirmed the A long-term insurer financial strength and issuer credit ratings of China Life Insurance (Overseas) Co. Ltd.
The outlook is stable, mirroring the outlook of the core operating entity of China Life (Group) Co. and considering the rating agency's expectation that the insurer will stay as a highly strategic subsidiary of the group over the next two years.
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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