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Insurance ratings actions, Sept. 29

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Insurance ratings actions, Sept. 29

S&P Global MarketIntelligence compiles ratings actions in the insurance space daily through 5:30p.m. ET. Actions after 5:30 p.m. ET will be included in the following day'sroundup.

Financial guaranty

KrollBond Rating Agency affirmedthe AA insurance financial strength rating with a stable outlook for

Theaction follows the announcement that the company has agreed to , the Europeanoperating subsidiary of MBIAInsurance Corp.

Krollsaid that if the transaction closes, Assured Guaranty will have no furtherexposure to the Zohar II CDO notes, given that the proposed transaction callsfor Assured Guaranty to transfer $347 million par value of the notes and toreceive $23 million in cash. Additionally, the rating agency said that shouldthe acquisition not occur, Kroll does not expect that there would be any effectupon Assured Guaranty's rating.

Life and health

A.M.Best upgradedthe financial strength rating to A from A- and the long-term issuer creditrating to "a" from "a-" of

Theoutlook for the ratings has been revised to stable from positive.

Concurrently,A.M. Best affirmed the A financial strength rating and "a" long-termissuer credit ratings of Pan-American Life Insurance Co., wholly owned subsidiaryPan-American AssuranceCo., and affiliates INRECO International Reinsurance Co. and The outlook of these ratings is stable.

A.M.Best said the actions taken on Mutual Trust Life reflect the agency's revisedview of the strategic importance of the company to the Pan-American LifeInsurance Group and the successful integration of Mutual Trust Life into thebroader enterprise. Additionally, the ratings of Mutual Trust Life continue toreflect its favorable stand-alone business profile focusing on traditionalwhole life and satisfactory risk-adjusted capitalization.

Theratings affirmations for Pan-American Life Insurance, its unit and affiliatesreflect the benefits derived from the company's long-established presence andname recognition in Latin America and the U.S.-Hispanic marketplace, as well asits improved balance sheet and income statement. The ratings also reflect thegroup's solid consolidated risk-adjusted capitalization, well-performingfixed-income investment portfolio and positive net operating performance.

MutualTrust Life is a stand-alone subsidiary of Pan-American Life Insurance Group Inc. is the ultimate parent of Pan-American Life Insurance, its unit and affiliates.

A.M.Best placedunder review with positive implications the B+ financial strength rating and"bbb-" long-term issuer credit rating of

A.M.Best said the under review status follows the announcement that JeffersonNational has agreed to be acquiredby Nationwide Life InsuranceCo. The rating agency said the acquisition provides Nationwideaccess to Jefferson National's distribution channel of registered investmentadvisers and fee-based advisers, which is expected to have strong market growthpotential following the implementation of the U.S. Department of Labor'sfiduciary standards. Similarly, Jefferson National will be able to leverageNationwide's strong reputation and substantial financial resources to supportgrowth in the RIA marketplace.

Theratings will remain under review until the transaction has closed and A.M. Besthas completed its assessment of the impact of the acquisition on JeffersonNational's ratings.

FitchRatings affirmed theBB+ insurer financial strength ratings of Genworth Life Insurance Co., and Genworth LifeInsurance Co. of New York.

Theoutlook is negative.

Fitchsaid the affirmation reflects the significant progress has made thusfar with its restructuring plan. Genworth Financial plans to separate, thenisolate the long-term care business from the run-off life and annuity businessthrough a series of reinsurance and restructuring transactions that wouldunstack Genworth Life and Annuity Insurance from Genworth Life Insurance.

Thenegative outlook reflects the company's execution risk tied to achieving futurelong-term care rate increases, the potential for future long-term care reservecharges and exposure to continued low interest rates. Thegroup's ratings consider its large exposure and market leading position in thelong-term care market, which Fitch views as one of the most risky products soldby U.S. life insurers.


A.M.Best revisedthe long-term issuer credit rating outlook to positive from stable and affirmedthe A financial strength rating and "a" long-term issuer creditrating of Toyota Motor InsuranceCo.

Theoutlook of the financial strength rating remains stable.

A.M.Best said the ratings reflect the company's excellent risk-adjustedcapitalization and strong profitability driven by favorable underwritingreturns supplementing net investment income. Additionally, the company benefitsfrom support provided by its ultimate parent, Toyota Motor Corp.

Theoutlook of the long-term issuer credit rating is positive due to A.M. Best'sexpectation of continued strong earnings and risk-adjusted capitalizationdespite upward movement in the combined ratio and continuation of the lowinterest rate environment.

Fitchaffirmed the AA-insurer financial strength ratings of Compagnie Francaise d'Assurance pour le Commerce ExterieurSA, Coface NorthAmerica Insurance Co. and Coface Re SA, the major insuranceentities in the Coface group.

Fitchalso affirmed the A+ long-term and F1+ short-term issuer default ratings ofCompagnie Francaise, the A+ long-term and F1 short-term issuer default ratingsof Coface SA, as wellas the A+ long-term issuer default rating of Coface Finanz GmbH.

Theoutlooks on the long-term ratings and the insurer financial strength ratingsare stable.

Fitchsaid the affirmations reflect the strong business profile and geographicaldiversification in credit insurance of the major insurance entities in thegroup, and the entities' solid capital position.