S&P Global Market Intelligence compiles ratings actions in the insurance space daily through 5:30 p.m. ET. Actions after 5:30 p.m. ET will be included in the following day's roundup.
Property and casualty
A.M. Best affirmed the A financial strength rating and "a" long-term issuer credit rating of Nonprofits Insurance Alliance Group, including Alliance of Nonprofits for Insurance RRG Inc., National Alliance of Nonprofits for Insurance and Nonprofits Insurance Alliance of California Inc.
The companies' ratings outlook is stable. The affirmations reflect what A.M. Best called the group's "excellent" risk-adjusted capitalization and operating performance and a strong niche market strategy. The agency also noted that the companies face the challenge of managing a growing geographic footprint and competition in their market, which focuses on liability coverage for nonprofit organizations.
A.M. Best placed under review, with positive implications, the A- financial strength rating and "a-" long-term issuer credit ratings of the members of Concord Group Insurance Pool, including Concord General Mutual Insurance Co., in response to its announced affiliation agreement with Auto-Owners Insurance Co.
Concord would benefit from being a part of a larger, higher-rated organization, the agency wrote.
The ratings of Concord subsidiaries Green Mountain Insurance Co. Inc., State Mutual Insurance Co., Sunapee Mutual Fire Insurance Co. and Vermont Accident Insurance Co. Inc. were also placed under review with positive implications.
Fitch Ratings placed the BBB- long-term issuer default rating and BB+ senior unsecured debt rating of Fidelity National Financial Inc. on Rating Watch Positive after the company announced it would restructure into separate entities, with Black Knight Financial Services and Fidelity National Financial Ventures becoming independently traded.
The company's financial leverage would be reduced by about 11 percentage points if the reorganization goes forward as planned, Fitch wrote. However, aggressive capital management after the restructuring could lead the agency to maintain its current rating on Fidelity National.
The agency took no action on Fidelity National Title Insurance Co., Alamo Title Insurance Co. of Texas, Chicago Title Insurance Co. or Commonwealth Land Title Insurance Co., which are operating subsidiaries of Fidelity National with stable outlooks and issuer financial strength ratings of A-.