articles Ratings /ratings/en/research/articles/231116-certain-issuer-and-issue-ratings-placed-under-criteria-observation-after-insurance-capital-model-criteria-upd-12913682 content esgSubNav
In This List

Certain Issuer And Issue Ratings Placed Under Criteria Observation After Insurance Capital Model Criteria Update


An Operational Guide To S&P Global Ratings' Risk-Based Capital Adequacy Model For Insurers


Insurer Risk-Based Capital Adequacy Criteria Published


RFC Process Summary: RFC Process Summary: Insurer Risk-Based Capital Adequacy--Methodology And Assumptions


Criteria | Insurance | General: Insurer Risk-Based Capital Adequacy--Methodology And Assumptions

Certain Issuer And Issue Ratings Placed Under Criteria Observation After Insurance Capital Model Criteria Update

LONDON (S&P Global Ratings) Nov. 15, 2023--S&P Global Ratings today placed its ratings on certain issuers and issues under criteria observation (UCO). The UCO placement follows the publication of our revised criteria for analyzing insurer capital adequacy (see "Insurer Risk-Based Capital Adequacy--Methodology And Assumptions").

Following changes in rating methodology, credit rating agencies regulated under Regulation (EC) No 1060/2009, as amended, are required to immediately place credit ratings potentially affected by such changes under criteria observation (see "Standard & Poor's Announces "Under Criteria Observation" Identifier For Ratings Potentially Affected By Criteria Changes," published May 7, 2013).

The UCO identifier indicates a rating that could be affected by a change in criteria. The UCO identifier does not indicate the likelihood of a credit rating change, the timeline for any potential change, or the direction of a potential rating change. The UCO identifier does not modify any rating definition, and it is not equivalent to a CreditWatch.

These ratings have the "UCO" label in the Regulatory Identifier column on the individual issuer pages of S&P Global Ratings' online credit rating products. The UCO identifier will remain in place until the conclusion of the review under the changed criteria, at which time the rating may be affirmed, changed, or placed on CreditWatch or the outlook may be revised. We expect to finish the review of these ratings placed on UCO by the end of February 2024.

We expect to update our credit rationales for all insurance companies, including those companies not potentially affected but in scope, as soon as possible. We will also update the credit rationales of their noninsurance subsidiaries where relevant.

For the issuers listed below, we have assigned a UCO identifier to one or more ratings, including on subsidiaries or a related issue that could be affected. To check which ratings we have assigned the UCO identifier, go to

Issuers With Ratings Placed Under Criteria Observation

  • Accident Fund Insurance Co. of America
  • AIA Group Ltd.
  • Alte Leipziger Lebensversicherung a.G.
  • American Family Mutual Insurance Co. S.I.
  • American International Group Inc.
  • American Steamship Owners Mutual P&I Assn. Inc.
  • Americo Life Inc.
  • Asia Insurance Sug'urta Kompaniyasi JSC
  • Associated Electric & Gas Ins. Services Ltd.
  • Assuranceforeningen SKULD (Gjensidig)
  • AXA Tianping Property & Casualty Insurance Co. Ltd.
  • Belfius Insurance
  • Centene Corp.
  • Company for Cooperative Insurance (Tawuniya) (The)§
  • Credit Agricole Assurances
  • DB Insurance Co. Ltd.
  • Elevance Health Inc.
  • Enact Holdings Inc.
  • Equitable Holdings Inc.
  • Essent Guaranty Inc.
  • Fairfax Financial Holdings Ltd.
  • Farmers Insurance Exchange
  • FIATC Mutua de Seguros y Reaseguros
  • Freedom Finance Life JSC
  • Fukoku Mutual Life Insurance Co.
  • Greater New York Mutual Insurance Co.
  • Hanwha Life Insurance Co. Ltd.
  • Harel Insurance Co. Ltd.
  • Horizon Healthcare Services Inc. d/b/a Horizon Blue Cross Blue Shield of New Jersey
  • Humana Inc.
  • Hyundai Marine & Fire Insurance Co. Ltd.
  • Insurance Australia Group Ltd.
  • Jackson Financial Inc.
  • Knights of Columbus
  • Korean Reinsurance Co.
  • Liberty Mutual Group Inc.
  • Life Insurance Co. Nomad Life JSC
  • Members Banking Group Ltd.
  • MetLife Europe d.a.c.
  • MGIC Investment Corp.
  • Molina Healthcare Inc.
  • Nan Shan Life Insurance Co. Ltd.
  • National Life Group
  • Nib nz Ltd.
  • NMI Holdings Inc.
  • NN Group N.V.
  • Nomad Insurance Co.
  • OneAmerica Financial Partners Inc.
  • PASHA Insurance OJSC
  • Phoenix Insurance Co. Ltd. (The)§
  • Ping An Bank Co. Ltd.
  • Prudential PLC
  • QBE Lenders' Mortgage Insurance Ltd.
  • Radian Group Inc.
  • Royal London Mutual Insurance Society Ltd. (The)
  • Savings Bank Mutual Life Insurance Co. of Massachusetts (The)
  • SCOR SE*
  • Security Benefit Life Insurance Co.
  • Selective Insurance Group Inc.
  • Sogecap S.A.
  • Sun Hung Kai Properties Insurance Ltd.
  • Tokio Marine Newa Insurance Co. Ltd.
  • W.R. Berkley Corp.

*We have placed only the short-term issuer credit rating on UCO owing to the potential effect of the new criteria on the liquidity assessment. §We have placed the global scale ratings on UCO.

This report does not constitute a rating action.

S&P Global Ratings, part of S&P Global Inc. (NYSE: SPGI), is the world's leading provider of independent credit risk research. We publish more than a million credit ratings on debt issued by sovereign, municipal, corporate and financial sector entities. With over 1,600 credit analysts in 27 countries, and more than 150 years' experience of assessing credit risk, we offer a unique combination of global coverage and local insight. Our research and opinions about relative credit risk provide market participants with information that helps to support the growth of transparent, liquid debt markets worldwide.

Analytical Contacts:Simon Ashworth, London + 44 20 7176 7243;
Ali Karakuyu, London + 44 20 7176 7301;
Olivier J Karusisi, Paris + 44 20 7176 7248;
Patricia A Kwan, New York + 1 (212) 438 6256;
Eunice Tan, Singapore +65-6530-6418;
Ireri Botello, Mexico City +52 5510375276;
Methodology Contacts:Ron A Joas, CPA, New York + 1 (212) 438 3131;
Mark Button, London + 44 20 7176 7045;
Research Contributor:Ruchika Agrawal, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai

No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, (free of charge), and (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at

Register with S&P Global Ratings

Register now to access exclusive content, events, tools, and more.

Go Back