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.
Multiline
A.M. Best affirmed the financial strength rating of B++ (Good) and the long-term issuer credit rating of "bbb" of Lebanon-based Arabia Insurance Co. S.A.L.
The outlook of these ratings is stable.
A.M. Best also revised the outlooks to negative from stable and affirmed the financial strength rating of B+ (Good) and the long-term issuer credit rating of "bbb-"of the company's Jordanian subsidiary, Arabia Insurance Co. Ltd.
The ratings of the parent company reflect its very strong balance sheet, marginal operating performance, neutral business profile and appropriate enterprise risk management.
The subsidiary's ratings were based on its strong balance sheet, its adequate operating performance, limited business profile and appropriate enterprise risk management.
The ratings also factor in the rating enhancement from the parent company. The negative outlooks reflect pressures on the subsidiary's balance sheet strength assessment that stem from its deteriorating risk-adjusted capitalization, in addition to its declining regulatory solvency position.
Property and casualty
A.M. Best affirmed the long-term issuer credit rating of "bbb" of Illinois-based Horace Mann Educators Corp.
The rating agency also affirmed the financial strength ratings of A (Excellent) and long-term issuer credit ratings of "a" of Horace Mann Insurance Group's property/casualty members, Horace Mann Insurance Co., Horace Mann Property & Casualty Insurance Co., Teachers Insurance Co., Horace Mann Lloyds and Horace Mann Life Insurance Co.
The outlook of these ratings is stable.
The ratings reflect Horace Mann Insurance Group's balance sheet, which A.M. Best categorizes as strongest, its adequate operating performance, neutral business profile and appropriate enterprise risk management. Additionally, the ratings reflect the group's continued expertise in writing personal lines products in the educators' market.
The ratings of Horace Mann Life reflect its strong balance sheet, strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect its strategic role within Horace Mann Educators and the benefits it derives from the parent company's strong business franchise in the K-12 educators' market.
Reinsurance
S&P Global Ratings affirmed its AA- issuer credit and insurer financial strength ratings on Germany-based Munich Re.
The rating agency also affirmed its A rating on Germany-based ERGO Group AG and its A- rating on New Jersey-based Munich Re America Corp. In addition, S&P affirmed its ratings on Munich Re's core and highly strategic subsidiaries.
The outlook on these entities is stable.
The affirmation reflects S&P's view that Munich Re continues to defend its extremely strong competitive position as one of the leading reinsurers globally with sound global product diversification and sizable primary insurance operations.
The stable outlook reflects S&P's view that the group will defend its position by leveraging moderate price increases in the global property and casualty reinsurance business in 2018, optimizing growth opportunities in structured reinsurance, capturing increasing earnings potential from its primary insurance operations and maintaining capital adequacy securely above the rating agency's AA level in 2018 to 2020.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.
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