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 "bbb-" long-term issuer credit ratings of Employers Holdings Inc.
The rating agency also affirmed the A- financial strength rating and the "a-" long-term issuer credit ratings of Employers Preferred Insurance Co. and its pooled affiliates, Employers Compensation Insurance Co., Employers Insurance Co. of Nevada, Employers Assurance Co. and Cerity Insurance Co. The outlooks remain positive.
The ratings reflect the group's balance sheet strength, which A.M. Best categorizes as strongest, and its adequate operating performance, limited business profile and appropriate enterprise risk management.
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A.M. Best affirmed the A- financial strength rating and the "a-" long-term issuer credit rating of Oswego County Mutual Insurance Co. The outlooks were revised to positive from stable.
The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as very strong, and its adequate operating performance, limited business profile and appropriate enterprise risk management.
The positive outlooks reflect the company's consistently favorable operating performance over the most recent five-year period, which is driven by five consecutive years of increasingly profitable underwriting performance supplemented by its rising investment income. The positive factors are partially offset by the company's elevated common stock leverage, underwriting expense measures and its geographic concentration in New York, the rating agency noted.
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A.M. Best affirmed the A- financial strength rating and the "a-" long-term issuer credit ratings of Oregon Mutual Insurance Co. and Western Protectors Insurance Co. The outlooks were revised to stable from negative.
The ratings reflect Oregon Mutual Group's balance sheet strength, which A.M. Best categorizes as very strong, and its marginal operating performance, neutral business profile and appropriate enterprise risk management.
The outlook revision reflects the rating agency's expectation that the members of the group will maintain its very strong balance sheet, supported by its organic surplus growth and favorable reserve development.
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A.M. Best assigned the A- financial strength rating and the "a-" long-term issuer credit rating to Alestri Insurance Co. The outlook is stable.
The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as very strong, and its adequate operating performance, limited business profile and appropriate enterprise risk management.
Seattle-based Alestri Insurance is a joint venture between COPIC Insurance Co., Michigan Professional Insurance Exchange and Physicians Insurance. The joint venture intends to begin writing excess hospital professional liability insurance through independent agents and brokers in 2020.
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S&P Global Ratings downgraded Mutual of Omaha Insurance Co.'s long-term issuer credit rating to A+ from AA-. The rating agency also removed the rating from CreditWatch following the completion of CIT Bank NA's acquisition of Mutual of Omaha Bank.
The downgrade reflects the rating agency's revised assessment of the company's competitive position to strong from very strong. Aside from being less diversified, the company's business profile is also more susceptible to adverse earnings events following the sale of Mutual of Omaha Bank, the agency said.
The outlook is stable, reflecting S&P Global Ratings' view that the company will maintain its market-leading presence in the Medicare Supplement market and will generate operating performance commensurate with its strong business risk profile assessment.
Europe
A.M. Best affirmed the B+ financial strength rating and the "bbb-" long-term issuer credit rating of PASHA Insurance OJSC. The outlooks were revised to stable from negative.
The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as strong, and its strong operating performance, limited business profile and marginal enterprise risk management.
The outlook revision considers the improvement in the company's balance sheet strength. It also reflects the rating agency's expectation that PASHA Insurance's risk-adjusted capitalization will remain at the strongest level, supported by improvements in its capital management and enterprise risk management capabilities.
The rating agency subsequently withdrew the ratings following the company's request to no longer participate in A.M. Best's interactive rating process.
PASHA Insurance is wholly owned by PASHA Holding LLC.
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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