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.
A.M. Best has affirmed the financial strength rating of B+ and the long-term issuer credit rating of "bbb-" of Western Health Advantage.
The outlook is stable.
The ratings affirmations reflect the explicit financial support and strategic arrangement that the company enjoys with its sponsors Mercy/Dignity Health Sacramento, NorthBay Healthcare System and the University of California, Davis Medical System. Each sponsor is a financially strong integrated healthcare delivery system that guarantees a minimum level of capital for Western Health Advantage and operates within the health plan service area.
A.M. Best has upgraded the financial strength rating to A from A- and the long-term issuer credit rating to "a" from "a-" of Mississippi Farm Bureau Casualty Insurance Co.
The outlook has been revised to stable from positive.
The ratings upgrades reflect Mississippi Farm Bureau's strong risk-adjusted capitalization, well-established regional market presence, and significant risk management actions taken over the past several years to improve and stabilize underwriting profitability. The ratings also take into account the explicit support the company has received historically from its parent, Southern Casualty Holding Co.
A.M. Best has downgraded the financial strength rating to B++ from A- and the long-term issuer credit rating to "bbb" from "a-" of Mountain States Healthcare Reciprocal Risk Retention Group.
The outlook has been revised to negative from stable.
The ratings downgrades are the result of deterioration in the company's risk-adjusted capitalization and operating performance in 2016. The ratings actions further reflect the challenges faced by the company to return underwriting results back to historical profitable levels, despite management's corrective actions, which include select rate increases and increasing reserve levels on older accident years for conservatism. In addition, A.M. Best is concerned with the possibility of additional deterioration in risk-adjusted capitalization if operating performance does not improve in 2017.
The ratings reflect the company's balance sheet strength and market position as one of the top providers of medical professional liability insurance in Montana and other Rocky Mountain states.
A.M. Best has affirmed the financial strength rating of A and the long-term issuer credit rating of "a+" of Baltimore Equitable Society.
The rating agency revised the outlook to negative from stable for the long-term issuer credit rating of the company. The outlook of the financial strength rating remains stable.
While the company maintains adequate risk-adjusted capitalization, the revised long-term issuer credit rating outlook is related to the company's trend of volatile operating performance and limited business profile that includes a single personal property product offering.
A.M. Best has assigned a financial strength rating of A+ and a long-term issuer credit rating of "aa-" to Federated Reserve Insurance Co.
The outlook is stable.
The ratings reflect the execution of an intercompany pooling agreement under which Federated Reserve will assume a 2.5% participation in a pool led by its parent, Federated Mutual Insurance Co.