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 www.spglobal.com/ratings.
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|
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