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.
Life and health
A.M. Best affirmed the financial strength rating of A (Excellent) and the long-term issuer credit rating of "a" of Canada-based Empire Life Insurance Co.
The outlook of these ratings is stable.
The ratings reflect Empire Life's very strong balance sheet, strong operating performance, neutral business profile and appropriate enterprise risk management.
Multiline
Fitch Ratings affirmed Lloyd's of London's and Lloyd's Insurance Co. (China) Ltd.'s insurer financial strength ratings at AA- (Very Strong).
Fitch also affirmed the Society of Lloyd's long-term issuer default rating at A+. The outlooks remain negative.
The agency assigned Lloyd's Insurance Co. SA, a subsidiary that will handle all EU business after the U.K. leaves the bloc, an insurer financial strength rating of AA- with a negative outlook. The rating is at the same level as Lloyd's as the subsidiary is viewed by Fitch as core to the group.
The negative outlook reflects Fitch's view that Lloyd's underwriting profits are under pressure from worsening attritional losses, lower risk-adjusted premium rates and high expense ratios.
The ratings reflect Lloyd's very strong business profile in insurance and reinsurance classes, low financial leverage and strong reserve adequacy. These positives are somewhat offset by the underlying pressure on underwriting performance, together with Fitch's belief that Lloyd's exposure to catastrophe risk remains high relative to that of its peers.
Property and casualty
A.M. Best revised the outlooks to stable from positive and affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of "a-" of Rugby, N.D.-based Center Mutual Insurance Co.
The ratings reflect the company's very strong balance sheet, adequate operating performance, limited business profile and appropriate enterprise risk management.
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A.M. Best revised the outlooks to negative from stable and affirmed the financial strength ratings of A (Excellent) and the long-term issuer credit ratings of "a" of Dallas-based National Lloyds Insurance Co. and its affiliate, American Summit Insurance Co.
The ratings reflect National Lloyds' and American Summit's very strong balance sheet, adequate operating performance, neutral business profiles and appropriate enterprise risk management.
The revised outlooks reflect the companies' lower level of risk-adjusted capitalization due to anticipated significant dividend payments to their parent company, Hilltop Holdings Inc., in the coming months.
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A.M. Best affirmed the long-term issuer credit rating of "bbb" and all long-term issue credit ratings of Worcester, Mass.-based Hanover Insurance Group Inc., as well as the financial strength ratings of A (Excellent) and the long-term issuer credit ratings of "a" of its P&C subsidiaries.
The subsidiaries are AIX Specialty Insurance Co., Allmerica Financial Alliance Insurance Co., Allmerica Financial Benefit Insurance Co., Campmed Casualty & Indemnity Co. Inc., Citizens Insurance Co. of America, Citizens Insurance Co. of Ohio, Citizens Insurance Co. of the Midwest, Citizens Insurance Co. of Illinois, Hanover American Insurance Co., Hanover Atlantic Insurance Co. Ltd., Hanover Insurance Co., Hanover Lloyd's Insurance Co., Hanover New Jersey Insurance Co., Massachusetts Bay Insurance Co., NOVA Casualty Co. and Verlan Fire Insurance Co.
The ratings reflect The Hanover's balance sheet, which A.M. Best categorizes as strongest, its adequate operating performance, neutral business profile and appropriate enterprise risk management.
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A.M. Best affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of "a-" of Hong Kong-based Wing Lung Insurance Co. Ltd.
The outlook of these ratings is stable.
The ratings reflect the insurer's very strong balance sheet, strong operating performance, neutral business profile and marginal enterprise risk management.
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Moody's assigned South Korea-based Heungkuk Fire & Marine Insurance Co. Ltd. a first-time insurance financial strength rating of Baa1.
The outlook is stable.
Moody's said the rating reflects the company's relatively low risk investment portfolio, diversified distribution channels and improving outlook for profitability. Heungkuk Fire & Marine's limited operating scale, less favorable product mix and relatively weak capital adequacy levels offset these credit strengths, according to the rating agency.
Reinsurance
A.M. Best affirmed the financial strength rating of B++ (Good) and the long-term issuer credit rating of "bbb" of Hyundai Insurance (China) Co. Ltd.
The outlook of these ratings remains negative.
The ratings reflect the company's strong balance sheet, marginal operating performance, neutral business profile and marginal enterprise risk management.
Title
Moody's upgraded the long-term issuer rating of Santa Ana, Calif.-based First American Financial Corp. to Baa2 from Baa3 and the insurance financial strength rating of its subsidiary, First American Title Insurance Co., to A2 from A3.
The rating agency changed the outlooks on the companies to stable from positive.
Moody's said the upgrade reflects First American Financial's improved operating abilities and its position as the second-largest title insurer in the U.S.
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Moody's upgraded the insurance financial strength ratings to A2 from A3 of Jacksonville, Fla.-based Fidelity National Financial Inc.'s principal operating subsidiaries, Alamo Title Insurance, Chicago Title Insurance Co. and Fidelity National Title Insurance Co.
The rating agency changed the outlooks on the companies to stable from positive.
Moody's said the upgrade reflects Fidelity National's strong earnings, its ability to effectively navigate a highly cyclical title insurance market and its improved operating abilities that have allowed it to sustain its position as the largest title insurer in the U.S.
The insurance financial strength ratings of Fidelity National's units reflect, among other things, their position as the largest U.S. title insurer, a balanced distribution between agents and direct channels, disciplined underwriting and financial controls.
