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 downgraded the financial strength rating to B++ from A- and the long-term issuer credit rating to "bbb+" from "a-" of California-based Crusader Insurance Co.
The outlook of the financial strength rating was revised to stable from negative, while the outlook of the long-term issuer credit rating remains negative.
Additionally, A.M. Best downgraded the long-term issuer credit rating to "bb+" from "bbb-" of California's Unico American Corp., the parent company of Crusader Insurance. The outlook of the credit rating remains negative.
The ratings reflect Crusader Insurance's very strong balance sheet, adequate operating performance, limited business profile and marginal enterprise risk management.
The rating downgrades reflect a revision in A.M. Best's assessment of Crusader Insurance's operating performance to adequate from strong.
A.M. Best affirmed the financial strength rating of A+ and the long-term issuer credit rating of "aa" of Knights of Columbus. The outlook is stable.
The ratings reflect the order's balance sheet strength, which A.M. Best categorizes as strongest, its strong operating performance, favorable business profile and appropriate enterprise risk management.
S&P Global Ratings affirmed its AA- long-term local currency insurer financial strength and issuer credit ratings on Bermuda-based captive reinsurer AIA Reinsurance Ltd. The outlook is stable.
AIA Group Ltd. changed the direct holding company for AIA Reinsurance to AIA Holdings Ltd. from AIA Co. Ltd. S&P affirmed the ratings due to its anticipation that AIA Reinsurance's status as a captive reinsurer to AIA Group's operating subsidiaries will be the same after the change in ownership.
The stable outlook mirrors that on AIA Group's core operating entities. It also reflects S&P's expectation that AIA Reinsurance will originate at least 90% of its business from within the group in the next two years.
A.M. Best affirmed the financial strength rating of B+ and the long-term issuer credit rating of "bbb-" of Pakistan's Adamjee Insurance Co. Ltd.
The outlook of these credit ratings remains stable.
The ratings reflect the company's strong balance sheet, strong operating performance, limited business profile and appropriate enterprise risk management.
Fitch Ratings placed several Asia-Pacific-based insurance companies' ratings under criteria observation after it revised its global master insurance criteria.
The insurer financial strength ratings of A and the long-term issuer default ratings of A of Meiji Yasuda Life Insurance Co., Mitsui Sumitomo Insurance Co. Ltd., Nippon Life Insurance Co., Sompo Japan Nipponkoa Insurance Inc. and Sumitomo Life Insurance Co. were placed under criteria observation.
Tokio Marine & Nichido Fire Insurance Co. Ltd.'s insurer financial strength rating of A+ was also placed under criteria observation.
The insurer financial strength ratings of A- of Etiqa Family Takaful Berhad, Etiqa General Insurance Bhd., Etiqa General Takaful Berhad, Etiqa Life Insurance Berhad, Malaysian Reinsurance Bhd. and Singapore-based Etiqa Insurance Pte Ltd were placed under criteria observation.
Sri Lanka Insurance Corp. Ltd.'s insurer financial strength rating of B was placed under criteria observation.
The insurer financial strength ratings of BBB+ of Muang Thai Life Assurance PCL and Thai Life Insurance PCL were also placed under criteria observation.
The outlook of all of these ratings is stable.
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 feature can be found here.
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