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Insurance ratings actions: S&P affirms AIG, core subsidiaries

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Insurance ratings actions: S&P affirms AIG, core subsidiaries

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 rating of A- and the long-term issuer credit ratings of "a-" of Watford Re Ltd. and its subsidiaries, Watford Insurance Co. Europe Ltd., Watford Insurance Co., and Watford Specialty Insurance Co.

The outlook of these credit ratings is stable.

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

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S&P Global Ratings affirmed the A+ insurer financial strength and BBB+ long-term and short-term issuer credit ratings on American International Group Inc. and its core subsidiaries.

S&P revised the outlook to stable from negative, reflecting its growing confidence in steps AIG management has taken to improve operating earnings, contain volatility and restore the firm's reputation as an insurance industry leader.

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A.M. Best affirmed the financial strength rating of A+ and the long-term issuer credit ratings of "aa-" of certain members of Old Republic International Corp.

The members are Old Republic Insurance Co., Great West Casualty Co., BITCO General Insurance Corp., BITCO National Insurance Co. and Old Republic Lloyds of Texas

Additionally, A.M. Best upgraded the financial strength ratings to A+ from A and the long-term issuer credit ratings to "aa-" from "a"of Old Republic General Insurance Corp., Pennsylvania Manufacturers' Association Insurance Co., Manufacturers Alliance Insurance Co., Pennsylvania Manufacturers Indemnity Co., Old Republic Union Insurance Co. and Old Republic Surety Co.

Concurrently, A.M. Best affirmed the financial strength rating of A and long-term issuer credit rating of "a+" of Old Republic Insurance Co. of Canada.

A.M. Best also upgraded the long-term issuer credit rating to "a+" from "a" and affirmed the financial strength rating of A of Old Republic National Title Insurance Co. and American Guaranty Title Insurance Co. In addition, A.M. Best affirmed the financial strength rating of B++ and long-term issuer credit rating of "bbb+" of Old Republic Life Insurance Co.

The outlooks for all of the aforementioned credit ratings are stable.

The ratings of Old Republic reflect its 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.

Europe

S&P Global Ratings assigned AA+ financial strength and issuer credit ratings to Berkshire Hathaway Inc.'s Irish unit, Berkshire Hathaway European Insurance DAC.

The outlook is stable.

The ratings on the Irish unit are based on S&P's assessment of the company as a core entity of Berkshire Hathaway's insurance operations. Berkshire Hathaway European's establishment allows its parent to retain access to European markets and manage its existing business, thereby mitigating risks from Brexit while supporting its expansion efforts in continental Europe.

Asia-Pacific

A.M. Best affirmed the financial strength rating of B+ and the long-term issuer credit rating of "bbb-" of Accuro Health Insurance, formerly known as Health Services Welfare Society Ltd.

The outlook of these credit ratings is stable.

The ratings reflect Accuro's balance sheet strength, which A.M. Best categorizes as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

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A.M. Best affirmed the financial strength rating of B++ and the long-term issuer credit rating of "bbb+" of Vietnam National Reinsurance Corp.

The outlook of these credit ratings is stable.

The ratings reflect Vietnam National Reinsurance's balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

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A.M. Best affirmed the financial strength rating of B++ and the long-term issuer credit rating of "bbb" of Consumer Insurance Services Ltd.

The outlook was revised to negative from stable, reflecting the company's diminishing business profile as a result of commencing to run off its insurance operations during the year, as well as the increased potential for regulatory and operational risks arising from ongoing regulatory reviews surrounding the conduct and culture in New Zealand's insurance market, in addition to product value creation.

The ratings reflect Consumer Insurance Services' balance sheet strength, which A.M. Best categorizes as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

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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