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Insurance ratings actions: A.M. Best affirms RenRe, downgrades Capital 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

A.M. Best affirmed the long-term issuer credit rating of "a-" of RenaissanceRe Holdings Ltd., as well as the financial strength ratings of A+ and the long-term issuer credit ratings of "aa-" of its subsidiaries Renaissance Reinsurance Ltd., Renaissance Reinsurance U.S. Inc., RenaissanceRe Specialty U.S. Ltd. and Renaissance Reinsurance of Europe Unlimited Co. It also removed these ratings from under review, with developing implications.

A.M. Best also affirmed the financial strength rating of A+ and the long-term issuer credit rating of "aa-" of Zurich-based Tokio Millennium Re AG, which will be renamed RenaissanceRe Europe AG. The company's ratings have been aligned with the entities of RenaissanceRe and were also removed from under review, with developing implications.

A.M. Best affirmed and removed from under review, with developing implications, the long-term issuer credit rating of "bbb+" of DaVinci Re Holdings Ltd. and the financial strength rating of A and the long-term issuer credit rating of "a+" of subsidiary DaVinci Reinsurance Ltd.

The rating agency also affirmed the financial strength rating of A and the long-term issuer credit rating of "a+" of Vermeer Reinsurance Ltd., a property catastrophe reinsurer launched by RenaissanceRe in partnership with Dutch pension fund manager and service provider Pggm Coöperatie U.A.

The outlook of all these ratings is stable.

The ratings of Renaissance Reinsurance reflect the group's balance sheet strength, which A.M. Best categorizes as at the strongest level, as well as its adequate operating performance, favorable business profile and very strong enterprise risk management.

The ratings of DaVinci Reinsurance reflect a balance sheet that A.M. Best categorizes as very strong, as well as adequate operating performance, neutral business profile and very strong enterprise risk management. They also recognize the company's solid operating performance throughout the previous years and the maintenance of its very strong risk-adjusted capitalization. DaVinci Reinsurance's profile is enhanced due to its affiliation with Renaissance Reinsurance.

Vermeer Reinsurance's ratings reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and very strong enterprise risk management.

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A.M. Best affirmed the financial strength rating of A+ and the long-term issuer credit rating of "aa-" of Bermuda's Top Layer Reinsurance Ltd. The outlook is stable.

Historically, these ratings have reflected the substantial amount of support Top Layer receives from co-owners State Farm Mutual Automobile Insurance Co. and Renaissance Reinsurance. This is still the case even as Renaissance Reinsurance's ultimate parent, RenaissanceRe Holdings, recently completed a sizable acquisition.

The ratings of Top Layer Reinsurance reflect its balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, neutral business profile and very strong enterprise risk management. They also consider the significant parental support from State Farm, which gives Top Layer Reinsurance implicit and explicit support when necessary. Top Layer provides State Farm with exposure to non-U.S. high-layer reinsurance risk, which is unrelated to its own core business.

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Kroll Bond Rating Agency affirmed the issuer rating of BBB of Jacksonville, Fla.-based Fortegra Financial Corp. and the insurance financial strength ratings of A- of its subsidiaries, which are Lyndon Southern Insurance Co., Insurance Co. of the South, Response Indemnity Co. of California, Life of the South Insurance Co., Southern Financial Life Insurance Co. and Bankers Life of Louisiana. These companies are part of Tiptree Inc.

The outlook of all ratings is stable.

The ratings take into account Fortegra's favorable underwriting results, a balanced mix of revenue and earnings, adequate capitalization and prudent operating strategy, according to Kroll Bond Rating Agency. The agency also believes the company has a "somewhat aggressive" growth strategy with targeted double-digit growth across its major product lines.

Asia-Pacific

A.M. Best affirmed the financial strength rating of B+ and the long-term issuer credit rating of "bbb-" of New Zealand Medical Professionals Ltd. The outlook is stable.

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

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A.M. Best affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of Malaysia-based Energas Insurance (L) Ltd., the only captive insurer of Malaysia's national oil and gas company, Petroliam Nasional Bhd., or Petronas. The outlook is stable.

The ratings reflect the insurer's balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. Additionally, the ratings factor a neutral impact from the company's 100% ownership by and integration with Petronas.

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A.M. Best downgraded the financial strength rating to C+ from C++ and the long-term issuer credit rating to "b-" from "b+" of Papua New Guinea-based Capital General Insurance Co. Ltd., a subsidiary of Capital Insurance Group Ltd. The ratings were also placed under review, with negative implications.

The ratings reflect Capital General Insurance's balance sheet strength, which A.M. Best categorizes as adequate, as well as its strong operating performance, limited business profile and weak enterprise risk management.

The rating action reflects a deterioration in A.M. Best's view of the insurer's balance sheet strength fundamentals after a control failure. The failure is expected to lead to a significant deterioration in the company's risk-adjusted capitalization for year-end 2018, as measured by A.M. Best's capital adequacy ratio.

The status of the ratings being under review with negative implications considers uncertainty regarding the company's financial position for 2018, pending finalization of audited financial statements.

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Fitch Ratings affirmed the A issuer default ratings of China Taiping Insurance Group Ltd. and its subsidiaries China Taiping Insurance Group (HK) Co. Ltd. and China Taiping Insurance Holdings Co. Ltd. It also affirmed the A+ insurer financial strength ratings of Taiping Life Insurance Co. Ltd. and Taiping Reinsurance Co. Ltd.

The affirmation of the Taiping Insurance Group's rating takes into consideration its strong capitalization, favorable business profile and sustained profitability in the direct and reinsurance businesses. Meanwhile, the affirmation of Taiping Reinsurance's rating considers its earning stability with strong underwriting results from its property and casualty reinsurance portfolio and robust premium growth in its major markets of mainland China, Hong Kong, and Macao.

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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