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Insurance ratings actions: A.M. Best affirms Western & Southern Financial

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Insurance ratings actions: A.M. Best affirms Western & Southern Financial

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 ratings of A+ and the long-term issuer credit ratings of "aa" for the life insurance subsidiaries of Western & Southern Financial Group Inc.

The subsidiaries are Western and Southern Life Insurance Co., Western-Southern Life Assurance Co., Columbus Life Insurance Co., Integrity Life Insurance Co., National Integrity Life Insurance Co. and its affiliate, Lafayette Life Insurance Co.

The outlook of these ratings is stable.

The ratings reflect Western & Southern Financial Group's balance sheet strength, which A.M. Best categorizes as strongest, its strong operating performance, favorable business profile and appropriate enterprise risk management.

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A.M. Best assigned financial strength ratings of A and a long-term issuer credit ratings of "a" to Ascot Insurance Co. and Ascot Specialty Insurance Co., subsidiaries of Ascot Group Ltd.

The outlook assigned to these ratings is stable.

The ratings of the two companies reflect the consolidated balance sheet strength of Ascot Group, which A.M. Best categorizes as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

Europe

A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Sigurd Ruck AG.

The outlook of these credit ratings remains stable.

The ratings reflect the company's very strong balance sheet, strong operating performance, neutral business profile, appropriate enterprise risk management, as well as rating drag due to its association with its parent company, Italy-based Saipem SpA.

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A.M. Best assigned financial strength ratings of A- and long-term issuer credit ratings of "a-" to Luxembourg-based Lombard International Assurance SA and its Bermuda-based affiliates, Lombard International Life Assurance Co. (Bermuda) Ltd. and Lombard International Life Ltd.

A.M. Best also affirmed the financial strength ratings of A- and the long-term issuer credit ratings of "a-" of Lombard International Life Assurance Co. and its wholly owned subsidiary, Lombard International Life Assurance Co. of New York.

Additionally, A.M. Best assigned a long-term issuer credit rating of "bbb-" to LIA Holdings Ltd.

The outlook of these ratings is stable.

The ratings reflect Lombard International's very strong balance sheet, marginal operating performance, neutral 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 Hannover Re and its main subsidiaries.

The subsidiaries are E+S Rückversicherung AG, Hannover Re (Bermuda) Ltd., Hannover Re (Ireland) DAC, Hannover Life Reassurance Bermuda Ltd., Hannover Life Reassurance Co. of America, Hannover Life Reassurance Co. of America (Bermuda) Ltd..

The outlook of these ratings is stable.

The ratings reflect Hannover Re's balance sheet strength, which A.M. Best categorizes as strongest, its strong operating performance, very favorable business profile and very strong enterprise risk management.

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Fitch Ratings affirmed with a stable outlook the A+ insurer financial strength ratings of ALTE LEIPZIGER Lebensversicherung auf Gegenseitigkeit and its subsidiary, ALTE LEIPZIGER Versicherung AG.

The ratings reflect the company's very strong capitalization, resilience against low investment yields and sustainable market position in the disability line and corporate pension scheme business.

Middle East and Africa

A.M. Best affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of African Reinsurance Corp.

The outlook of these credit ratings is stable.

The ratings reflect Africa Re's balance sheet strength, which A.M. Best categorizes as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.

Asia-Pacific

A.M. Best affirmed the financial strength ratings of A- and the long-term issuer credit ratings of "a-" of Peak Reinsurance Co. Ltd. and its subsidiary, Switzerland-based Peak Reinsurance AG.

The outlook of these credit ratings is stable.

The ratings reflect the company's very strong balance sheet, adequate operating performance, neutral business profile and appropriate enterprise risk management.

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Fitch affirmed with a stable outlook the AA national insurer financial strength rating of Indonesia-based PT Asuransi Wahana Tata.

The rating reflects the company's moderate business profile, good capitalization, conservative investment portfolio and moderately weak operating performance.

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Fitch assigned BB- insurer financial strength rating of Bulgaria-based Insurance Company EIG Re EAD.

The outlook of the rating is stable.

The rating is aligned with Fitch's consolidated group insurer financial strength rating assessment of the core insurance subsidiaries of Eurohold Bulgaria AD. It is based on the company's expected strategic status as a core captive reinsurer of Euroins Insurance Group AD.

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Moody's affirmed the Baa1 financial strength rating of Hong Kong-based FTLife Insurance Co. Ltd.

The outlook is stable.

The ratings reflect the company's stable profitability trend, low-risk investment portfolio and solid solvency ratio, which are offset by its smaller operating scale, weaker distribution capabilities and significant asset and liability duration mismatch.

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S&P Global Ratings affirmed with a stable outlook its A long-term issuer credit and financial strength ratings on South Korea-based Hanwha General Insurance Co. Ltd.

The outlook reflects S&P's view that the company will continue to be a core subsidiary and that the insurance group will carry its modest capitalization for the next two years.

The agency noted the very strong presence in Korea's insurance market supported by a well-established franchise and extensive controlled distribution channels.

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S&P revised its outlooks on the financial strength and long-term issuer credit ratings on Nippon Life Insurance Co. and its subsidiary, Mitsui Life Insurance Co. Ltd. to positive from stable.

The agency also affirmed its A+ ratings on Nippon Life Insurance and A ratings on Mitsui Life Insurance.

Nippon Life Insurance's enterprise risk management score was also revised to adequate with strong risk controls from adequate, considering the company's improvement in being able to control market risks.

The agency said that the affirmation of Nippon Life Insurance's ratings is in consideration of its belief that the capitalization of the company could be maintained at the current category, and that there are a few constraining factors on the ratings, such as relatively high sensitivity to market fluctuations.

S&P expects Nippon Life Insurance to continue building up its capital through the ongoing accumulation of retained earnings.

Mitsui Life Insurance's outlook revision is due to the rating actions on Nippon Life Insurance. S&P noted that it sees Mitsui Life Insurance as a strategically important subsidiary within the Nippon Life group.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this feature can be found here, here and here.

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