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Insurance ratings actions: S&P affirms Sirius International, LEXGARANT Insurance

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Insurance ratings actions: S&P affirms Sirius International, LEXGARANT Insurance

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

Fitch Ratings affirmed the A+ insurer financial strength ratings of Wilton Reassurance Co., Wilton Reinsurance Bermuda Ltd., Wilton Reassurance Life Co. of New York, Texas Life Insurance Co., Wilco Life Insurance Co. and Ivari, as well as the long-term issuer default rating of Wilton Re Ltd. at A-. The outlook is stable.

The affirmations reflect the moderate business profile of Wilton Re, which considers its strength in the administrative reinsurance market. Capitalization and financial results remain strong and in line with rating expectations. The rating agency said it considers Canada Pension Plan Investment Board's ownership of the company positively.

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S&P Global Ratings affirmed the BBB long-term issuer credit rating of Sirius International Group Ltd. and A- long-term issuer credit and financial strength ratings of the company's core operating subsidiaries. The outlook is stable.

The affirmation reflects the group's extremely strong capital adequacy and robust underwriting performance in a challenging market. Potential earnings and capital volatility from Sirius' catastrophe-exposed lines of business partly offsets these strengths.

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A.M. Best downgraded the financial strength rating to B++ from A- and the long-term issuer credit rating to "bbb+" from "a-" of Wisconsin Municipal Mutual Insurance Co.

The outlook of the financial strength rating was revised to stable from negative. The long-term issuer credit rating remains negative, reflecting the decline in policyholder surplus over the last five years, adverse operating results and the overall effectiveness of the company's enterprise risk management given recent results.

The ratings reflect Wisconsin Municipal Mutual Insurance's balance sheet strength, which A.M. Best categorizes as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.

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Moody's downgraded to Aa3 from Aa2 the insurance financial strength ratings of Massachusetts Mutual Life Insurance Co. and two of the company's subsidiaries, MML Bay State Life Insurance Co. and C.M. Life Insurance Co. The outlooks of the ratings were changed to stable from under review.

Europe

S&P Global Ratings affirmed the B+ long-term issuer credit and financial strength ratings of LEXGARANT Insurance Co. Ltd. The outlook is stable.

The rating agency believes that LEXGARANT Insurance continues to benefit from extremely strong risk-adjusted capital adequacy, sustained by prudent underwriting and net risk retention, and a liquid investment portfolio.

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Fitch took ratings actions on eight Italian insurance groups and removed their ratings from under criteria observation.

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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