S&P Global Market Intelligencecompiles ratings actions in the insurance space daily through 5:30 p.m. ET. Actionsafter 5:30 p.m. ET will be included in the following day's roundup.
Life and health
A.M.Best upgradedthe financial strength ratings to A- from B++ and the issuer credit ratings to "a-"from "bbb+" of the rated operating subsidiaries of Fortegra Financial Corp., a wholly owned subsidiary of
The P&Coperating subsidiaries of Fortegra include LyndonSouthern Insurance Co., InsuranceCo. of the South and ResponseIndemnity Co. of California, which operate under an intercompany poolingagreement and are collectively referred to as Fortegra P&C Group.
Additionally,A.M. Best assigned an A- financial strength rating and "a-" issuer creditrating to Response Indemnity. The outlook assigned to each rating is stable.
The L&Hoperating subsidiaries include Lifeof the South Insurance Co., BankersLife of Louisiana and SouthernFinancial Life Insurance Co., which are collectively referred to asthe Life of the South Group.
The issuercredit rating for each of the operating subsidiaries, except Response Indemnity,has been revised to stable from negative, while the financial strength ratings outlookremains stable.
A.M.Best said the actions for Fortegra's insurance subsidiaries reflect the significantimprovement in the group's financial leverage measures as a result of a significantcapital infusion that Tiptree made in April, which reduces Fortegra's financialleverage measures to moderate levels.
The ratingson the P&C units also recognize the companies' solid risk-adjusted capitalization,niche distribution and the historical profitable operating performance of theircore credit-related books of business. The ratings on the L&H units acknowledgethe group's sufficient consolidated risk-adjusted capitalization and conservativeinvestment portfolios. The ratings also recognize the group's positive net operatingperformance, derived primarily from its core credit life and credit accident andhealth businesses, as well as the positive trends in premium growth.
A.M.Best revisedthe issuer credit ratings outlook to positive from stable and affirmed the A financialstrength rating and "a" issuer credit rating of West Bend Mutual Insurance Co.
The outlookfor the financial strength rating remains stable.
A.M.Best said the positive issuer credit ratings outlook is a reflection of the company'ssolid risk-adjusted capitalization and favorable trend in operating performanceover the past four years.
Demotechassignedan A, Exceptional, financial stability rating to Midwest Insurance Group Inc. a Risk Retention Group.
The ratingis assigned to insurers that possess exceptional financial stability related tomaintaining positive surplus in regard to policyholders, liquidity of invested assets,an acceptable level of financial leverage, reasonable loss and loss adjustment expensereserves, and realistic pricing.