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Insurance ratings actions: A.M. Best affirms Allianz, National General

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Insurance ratings actions: A.M. Best affirms Allianz, National General

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

S&P Global Ratings affirmed the A- long-term issuer credit rating of HCC Insurance Holdings Inc. and the AA- insurer financial strength and long-term issuer credit ratings of its core and guaranteed operating companies.

The outlook is positive, which is consistent with that on the core and guaranteed operating subsidiaries of HCC Insurance's parent, Tokio Marine & Nichido Fire Insurance Co. Ltd. The outlook reflects S&P Global Ratings' expectation that HCC will maintain very strong capital and earnings.

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A.M. Best affirmed the financial strength rating of A and the long-term issuer credit ratings of "a+" of Health Care Service Corp. a Mutual Legal Reserve Co. and its subsidiaries.

The subsidiaries are Dearborn Life Insurance Co., Dearborn National Life Insurance Co. of New York, GHS Health Maintenance Organization Inc., GHS Insurance Co. and HCSC Insurance Services Co.

The outlook of these credit ratings remains positive.

The ratings reflect the group's balance sheet strength, which A.M. Best categorizes as strongest, 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 BBB long-term issuer credit rating of Horace Mann Educators Corp. and the A insurer financial strength ratings of its core operating subsidiaries.

The outlook is stable, reflecting S&P Global Ratings' expectation that Horace Mann will maintain capital at the AAA stress level, continue to enhance its offerings to the educator community, improve property and casualty underwriting results, and maintain stable life insurance results with improved returns from the reinsurance transaction.

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S&P Global Ratings affirmed the AA- local currency long-term financial strength and issuer credit ratings of HSBC Life (International) Ltd.

The outlook is stable.

The ratings reflect S&P Global Ratings' view that HSBC Life remains integral to the parent banking group's wealth management strategy, which focuses on life insurance and retirement products through the bancassurance channels.

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A.M. Best affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of Lawyers Mutual Liability Insurance Co. of North Carolina.

The outlook for the long-term issuer credit rating was revised to positive from stable, reflecting the company's improved operating performance in recent years, driven primarily by favorable loss experience, which has led to strong surplus growth.

The outlook of the financial strength rating remains stable.

The credit ratings reflect Lawyers Mutual Liability Insurance's balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

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A.M. Best affirmed the long-term issuer credit rating of "bbb-" of National General Holdings Corp. and the A- financial strength rating and the "a-" long-term issuer credit ratings of certain subsidiaries.

The subsidiaries are New South Insurance Co., National General Assurance Co., Integon National Insurance Co., Integon Indemnity Corp., Integon General Insurance Corp., MIC General Insurance Corp., National General Insurance Co., Standard Property and Casualty Insurance Co., National Health Insurance Co., Integon Casualty Insurance Co., Imperial Fire and Casualty Insurance Co., Integon Preferred Insurance Co., National General Insurance Online Inc., National General Premier Insurance Co., National General Re Ltd., Century-National Insurance Co., Agent Alliance Insurance Co., Direct Insurance Co., Direct General Insurance Co., Direct General Insurance Co. of Mississippi, Direct National Insurance Co. and Direct General Life Insurance Co.

The outlook of these credit ratings is stable.

Concurrently, the agency removed from under review with negative implications and downgraded the financial strength rating to A- from A and the long-term issuer credit rating to "a-" from "a+" of National Farmers Union Property and Casualty Co.

The outlook assigned to these ratings is stable.

The ratings reflect the group'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 BBB+ long-term issuer credit rating of Old Republic International Corp. and the A+ long-term issuer credit and financial strength ratings of its core subsidiaries.

The outlook is stable, taking into account S&P Global Ratings' expectation that the company will maintain excellent capital adequacy and continue to improve its risk diversification.

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A.M. Best assigned a financial strength rating of A- and a long-term issuer credit rating of "a-" to Rock Ridge Insurance Co.

The outlook assigned to these credit ratings is stable.

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

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S&P Global Ratings revised its outlook of Fidelity & Guaranty Life Holdings Inc., FGL Holdings and CF Bermuda Holdings Ltd. to stable from positive.

Concurrently, the rating agency affirmed its BB+ long-term issuer credit ratings on the non-operating holding companies. It also affirmed its BBB+ insurer financial strength and long-term issuer credit ratings on operating subsidiaries Fidelity & Guaranty Life Insurance Co., Fidelity & Guaranty Life Insurance Co. of New York and F&G Life Re Ltd. The outlook is stable.

The stable outlook reflects S&P Global Ratings' expectation that F&G will maintain its market position, balance sheet strength, capital adequacy and liquidty position.

Europe

A.M. Best affirmed the financial strength rating of A+ and the long-term issuer credit ratings of "aa" of Allianz SE and its rated subsidiaries.

The subsidiaries are Allianz Global Corporate & Specialty Resseguros Brasil SA, Allianz Global Corporate & Specialty SE, Allianz SpA, Allianz Risk Transfer AG, Allianz Risk Transfer (Bermuda) Ltd., AWP P&C SA, Jefferson Insurance Co., AWP Health & Life SA, Allianz Global Risks US Insurance Co., Allianz Underwriters Insurance Co., AGCS Marine Insurance Co., American Automobile Insurance Co., Euler Hermes North America Insurance Co. Inc., National Surety Corp., American Insurance Co., Associated Indemnity Corp., Chicago Insurance Co., Fireman's Fund Insurance Co., Fireman's Fund Indemnity Corp., Interstate Fire & Casualty Co., Allianz Life Insurance Co. of North America and Allianz Life Insurance Co. of New York.

The outlook of these credit ratings is stable.

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

Middle East & Africa

Moody's affirmed the A3 insurance financial strength rating of Al Ain Ahlia Insurance Co. PSC.

The outlook was changed to stable from negative, following the company's recovery of its regulatory solvency ratio.

The affirmation reflects the company's strong market position and brand, as the fourth-largest player in the UAE insurance market in terms of premium as at year-end 2018, good technical experience in the oil and gas business lines combined with a good cooperation with major international reinsurers and strong underwriting profitability with a 5-year average combined ratio of 92.8% in 2018.

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Fitch Ratings affirmed the A- insurer financial strength rating of Co. for Cooperative Insurance.

The outlook remains negative, reflecting the company's volatility in underwriting performance and capitalization after net losses in 2017 and 2018.

The affirmation follows Co. for Cooperative Insurance's improved underlying profitability in the first half and the agency's expectations that the company will continue to take effective remedial actions to restore underwriting profitability.

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S&P Global Ratings affirmed the A- issuer credit and insurer financial strength ratings of Emirates Insurance Co. PSC.

The outlook is stable, taking into consideration S&P Global Ratings' expectation that Emirates Insurance's capital adequacy will remain at the AAA level, supporting the insurer's local and international expansion plans over the next two years.

The affirmation reflects the company's position as one of the leading national insurers in Abu Dhabi, with strong underwriting results.

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A.M. Best upgraded the long-term issuer credit rating to "bbb" from "bbb-" of International General Insurance Holdings Ltd.

Concurrently, the agency also upgraded the financial strength ratings to A from A- and the long-term issuer credit ratings to "a" from "a-" of International General Insurance Co. Ltd. and International General Insurance Co. (UK) Ltd.

The outlook of these credit ratings was revised to stable from positive.

The ratings reflect International General Insurance Holdings' balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. The upgrade reflects the company's resilient operating results, which have been driven by robust underwriting performance over the longer term.

The ratings of International General Insurance Co. and International General Insurance Co. (UK) reflect their strategic importance to the parent company.

Asia-Pacific

S&P Global Ratings affirmed the A long-term issuer credit rating of Insurance Australia Group Ltd. and the AA- long-term financial strength and issuer credit ratings of its core operating units.

The outlook is stable, reflecting S&P Global Ratings' view that the company will aintain its robust business and financial position.

The affirmation reflects the agency's expectation that the group will maintain its significant and defendable local market position and very strong capital metrics.

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S&P Global Ratings affirmed the A local currency long-term financial strength and issuer credit ratings of MSIG Mingtai Insurance Co. Ltd.

The outlook is stable.

The ratings reflect the company' very strong capital and earnings and satisfactory brand and reputation benefiting from a good local market position and franchise, as well as brand association with its parent group.

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S&P Global Ratings affirmed the A+ financial strength and long-term issuer credit ratings of Sony Life Insurance Co. Ltd.

The outlook is positive, reflecting the agency's view that its sovereign credit rating on Japan constrains the group credit profile of Sony Financial Group, given that the group's businesses and assets are highly concentrated on Japan.

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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