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 financial strength rating of B++ and the long-term issuer credit rating of "bbb+" of Governmental Interinsurance Exchange and withdrew these public credit ratings.
The outlook of the financial strength rating is stable. The outlook was revised to negative from stable for the long-term issuer credit rating based on the continued erosion of surplus due to ongoing weak underwriting and operating results.
The ratings reflect Governmental Interinsurance's balance sheet strength, which A.M. Best categorizes as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.
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A.M. Best assigned a financial strength rating of A and a long-term issuer credit rating of "a" to Specialty Builders Insurance Co., a newly formed unit of Builders Insurance (A Mutual Captive Co.). The outlook assigned to the credit ratings is stable.
The ratings reflect Specialty Builders' balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
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A.M. Best affirmed the financial strength rating of B++ and the long-term issuer credit rating of "bbb+" of PEMCO Mutual Insurance Co.
The outlooks were revised to positive from stable for the company, reflecting improvement in underwriting and operating performance in recent years.
The credit ratings reflect PEMCO's balance sheet strength, which A.M. Best categorizes as very strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management.
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A.M. Best affirmed the financial strength rating of B++ and the long-term issuer credit rating of "bbb+" of National Fire and Casualty Co.
The outlook of the financial strength rating is stable. The outlook was revised to negative from stable for the long-term issuer credit rating due to surplus erosion from increased underwriting losses and equity market volatility.
The credit ratings reflect National Fire and Casualty's balance sheet strength, which A.M. Best categorizes as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.
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A.M. Best affirmed the financial strength ratings of A and the long-term issuer credit ratings of "a" of Aetna Life Insurance Co. and the other operating entities of Aetna Inc. that became wholly owned subsidiaries of CVS Health Corp., including the members of Aetna health and life group.
The entities include Aetna Health & Life Insurance Co., Aetna Life & Casualty (Bermuda) Ltd., Aetna Health Inc. (a Connecticut corp.), Aetna Health Inc. (a Florida corp.), Aetna Health Inc. (a Georgia corp.), Aetna Health Inc. (a Louisiana corp.), Aetna Health Inc. (a New Jersey corp.), Aetna Health Inc. (a New York corp.), Aetna Health Inc. (a Maine corp.), Aetna Health Inc. (a Pennsylvania corp.), Aetna Health Inc. (a Texas corp.), Aetna Health Insurance Co., Aetna Health Insurance Co. of New York, Aetna Health of California Inc., Aetna Health of Iowa Inc., Aetna Health of Utah Inc., Aetna Dental of California Inc., Aetna Dental Inc. (a New Jersey corp.), Aetna Dental Inc. (a Texas Corp.), American Continental Insurance Co., Continental Life Insurance Co. of Brentwood Tenneesee, Coventry Health & Life Insurance Co., Aetna Better Health of Michigan Inc., Aetna Better Health of Missouri LLC, Coventry Health Care of Illinois Inc., Coventry Health Care of Kansas Inc., Aetna Better Health of Florida Inc., Coventry Health Care of Missouri Inc., Coventry Health Care of Nebraska Inc., Coventry Health Care of Virginia Inc., Coventry Health Care of West Virginia Inc., First Health Life & Health Insurance Co., HealthAssurance Pennsylvania Inc. and SilverScript Insurance Co.
The majority of Aetna's operating entities are part of the core subsidiaries of Aetna, or the Aetna health and life group. The ratings of the group reflect the members' balance sheet strength, which A.M. Best categorizes as very strong, as well as their strong operating performance, favorable business profile and appropriate enterprise risk management.
Additionally, A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of U.K.-based Aetna Insurance Co. Ltd. The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.
The rating agency also affirmed the financial strength ratings of A and the long-term issuer credit ratings of "a" of Texas Health + Aetna Health Insurance Co., Texas Health + Aetna Health Plan Inc. and Allina Health & Aetna Insurance Co. The outlook of the ratings is stable.
The ratings of the Allina Health and Aetna Insurance joint venture reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.
The ratings of Texas Health + Aetna Health Insurance and Texas Health + Aetna Health Plan reflect their balance sheet strength, which A.M. Best categorizes as very strong, as well as their adequate operating performance, limited business profile and appropriate enterprise risk management.
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A.M. Best affirmed the financial strength ratings of A- and the long-term issuer credit ratings of "a-" of Argus Insurance Co. Ltd. and Bermuda Life Insurance Co. Ltd., as well as the long-term issuer credit rating of Argus Group Holdings Ltd. at "bbb-". The outlook of these credit ratings is stable.
The ratings reflect the group's balance sheet strength, which A.M. Best categorizes as very strong, as well as 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 ratings of New York Marine & General Insurance Co. and its wholly owned subsidiaries, Gotham Insurance Co. and Southwest Marine & General Insurance Co. The outlook of the ratings is stable.
The ratings are reflective of the group's balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
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A.M. Best affirmed the financial strength rating of B++ and the long-term issuer credit rating of "bbb+" of Gulf Guaranty Life Insurance Co.
The outlook of the financial strength rating is stable. The outlook was revised to positive from stable for the long-term issuer credit rating, reflecting the strengthening of Gulf Guaranty's enterprise risk management practices.
These credit ratings reflect the balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management.
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A.M. Best affirmed the financial strength ratings of A and the long-term issuer credit ratings of "a" of the property and casualty subsidiaries of United Fire Group Inc., which operate under an intercompany pooling agreement led by United Fire & Casualty Co.
The subsidiaries are Lafayette Insurance Co., Addison Insurance Co., United Fire & Indemnity Co., United Fire Lloyds, Mercer Insurance Co., Financial Pacific Insurance Co., Mercer Insurance Co. of New Jersey Inc., Franklin Insurance Co. and UFG Specialty Insurance Co.
Additionally, the agency affirmed the long-term issuer credit ratings of "bbb" of United Fire Group.
The outlooks were revised to negative from stable, taking into account the group's downward trend in recent underwriting performance due to numerous catastrophe events and reserve strengthening in the commercial auto liability line in 2019.
The credit ratings reflect balance sheet strength of subsidiaries of United Fire Group, which A.M. Best categorizes as very strong, as well as their adequate operating performance, neutral business profile and appropriate enterprise risk management.
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Fitch Ratings affirmed Navy Mutual Aid Association's insurer financial strength rating at A+ with a stable outlook.
The affirmation of Navy Mutual's rating continues to reflect the association's very strong capitalization, adequate profitability and conservative investment profile.
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Fitch affirmed the BBB long-term issuer default rating of CNO Financial Group Inc. and the A- insurer financial strength ratings on its insurance operating subsidiaries, Bankers Conseco Life Insurance Co., Washington National Insurance Co., Colonial Penn Life Insurance Co. and Bankers Life & Casualty Co. The outlook is stable.
The affirmation reflects CNO's strong business profile, driven in part by the company's long-term care liability de-risking efforts, its highly productive controlled distribution and lower risk product offerings.
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S&P Global Ratings lowered the issuer credit and financial strength ratings of Navigators International Insurance Co. Ltd to BBB- from A and subsequently withdrew the ratings at the issuer's request. The outlook was stable at the time of the withdrawal.
Hartford Financial Services Group, Inc. placing the company into runoff indicates that the entity is no longer core to the Navigators Group and, by extension, to the overall group strategy under Hartford.
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A.M. Best affirmed the financial strength rating of A+ and the long-term issuer credit ratings of "aa-" of Metropolitan Life Insurance Co. and Metropolitan Tower Life Insurance Co.
The companies' ratings reflect their balance sheet strength, which A. M. Best categorizes as strong, as well as their strong operating performance, very favorable business profile and appropriate enterprise risk management.
At the same time, the rating agency affirmed the long-term issuer credit rating of "a-" of MetLife Inc. and upgraded the financial strength ratings to A+ from A and the long-term issuer credit ratings to "aa-" from "a+" of its dental and vision subsidiaries, consisting of the SafeGuard Health Plans Inc. providers.
Additionally, A.M. Best upgraded the financial strength ratings to A+ from A and the long-term issuer credit ratings to "aa-" from "a" of Delaware American Life Insurance Co. and MetLife Global Benefits Ltd.
The upgrades partly reflect the subsidiaries' strategic importance to the MetLife organization. The outlook of the credit ratings is stable.
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A.M. Best placed under review with positive implications the financial strength rating of B+ and the long-term issuer credit ratings of "bbb-" of Nationwide Indemnity Co.
These rating actions and positive implications for Nationwide Indemnity reflect A.M. Best's expectation that the Nationwide organization will improve risk-adjusted capital support for Indemnity through implementation of a pooling agreement.
The rating agency affirmed the financial strength ratings of A+ and the long-term issuer credit ratings of "aa-" of Nationwide Mutual Insurance Co., Nationwide Mutual Fire Insurance Co. and other members of Nationwide Group.
The ratings of Nationwide Group reflect its balance sheet strength, which A.M. Best categorizes as strongest, as well as its marginal operating performance, favorable business profile and appropriate enterprise risk management.
Concurrently, A.M. Best affirmed the financial strength ratings of A+ and the long-term issuer credit ratings of "aa-" of Nationwide Life Insurance Co. and its subsidiaries, Nationwide Life & Annuity Insurance Co. and Jefferson National Life Insurance Co.
Additionally, A.M. Best affirmed the long-term issuer credit rating of "a-" of Nationwide Financial Services Inc. and affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Harleysville Life Insurance Co.
Nationwide Life Group's ratings reflect its balance sheet strength, which A.M. Best categorizes as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.
Harleysville Life Insurance's ratings reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.
Lastly, A.M. Best affirmed the financial strength rating of B++ and the long-term issuer credit of "bbb" of Titan Insurance Co.
The ratings of Titan reflect its balance sheet strength, which A.M. Best categorizes as adequate, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.
The outlook of the credit ratings is stable.
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S&P Global Ratings revised the outlook to negative from stable and affirmed the B+ long-term issuer credit rating of ICH Intermediate Holdings II LP, which does business as InnovaCare.
The outlook revision considers the company's elevated financial risk in 2021.
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Moody's affirmed MBIA Inc.'s insurance financial strength rating at Ba3 and National Public Finance Guarantee Corp.'s insurance financial strength rating at Baa2.
The outlooks were changed to negative from stable, reflecting continued uncertainty regarding ultimate losses on National Public Finance's Puerto Rico exposures.
The rating agency also affirmed MBIA Insurance Corp.'s insurance financial strength rating at Caa1.
The outlook was changed to negative from developing based on significant uncertainty over MBIA Insurance's ability to realize sufficient recoveries on the Zohar collateral.
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A.M. Best affirmed the long-term issuer credit ratings of "a" of Progressive Corp. and the financial strength rating of A+ and the long-term issuer credit ratings of "aa" for Progressive Casualty Insurance Co., Progressive Northern Insurance Co., Progressive Northwestern Insurance Co. and other members.
Additionally, A.M. Best affirmed the financial strength rating of A and the long-term issuer credit rating of "a+" of National Continental Insurance Co.
The outlook of the credit ratings is stable.
Progressive's ratings reflect its balance sheet strength, which A.M. Best categorizes as strongest, as well as its strong operating performance, very favorable business profile and appropriate enterprise risk management.
Europe
A.M. Best affirmed the A++ financial strength ratings and the "aa+" long-term issuer credit ratings of Chubb Ltd.'s subsidiaries, which include the members of Chubb U.S. Group of Insurance Cos., Chubb Bermuda Insurance Ltd. and Chubb Tempest Reinsurance Ltd.
The subsidiaries are Chubb Tempest Life Reinsurance Ltd., Corporate Officers & Directors Assurance Ltd., ACE American Insurance Co., ACE Property & Casualty Insurance Co., Pacific Employers Insurance Co., Insurance Co. of North America, Bankers Standard Insurance Co., Indemnity Insurance Co. of North America (PA), ACE Fire Underwriters Insurance Co., Agri General Insurance Co., Westchester Fire Insurance Co. (PA), Westchester Surplus Lines Insurance Co., ACE Insurance Co. of the Midwest, Chubb Insurance Co. of Puerto Rico, Illinois Union Insurance Co., Atlantic Employers Insurance Co., Penn Millers Insurance Co., Chubb European Group SE, Federal Insurance Co., Chubb Custom Insurance Co., Chubb Indemnity Insurance Co., Chubb Insurance Co. of Canada, Chubb National Insurance Co., Executive Risk Indemnity Inc., Executive Risk Specialty Insurance Co., Great Northern Insurance Co., Pacific Indemnity Co., Vigilant Insurance Co., Chubb Insurance Co. of New Jersey and Chubb Lloyds Insurance Co. of Texas
The rating agency also affirmed the A+ financial strength ratings and the "aa-" long-term issuer credit ratings of Combined Insurance Co. of America and Combined Life Insurance Co. of New York.
A.M. Best concurrently affirmed the A- financial strength rating and the "a-" long-term issuer credit rating of ACE Life Insurance Co.
The rating agency also affirmed the "a+" long-term issuer credit ratings of Chubb Ltd. and Chubb INA Holdings Inc. The outlooks are stable.
The ratings of the members of the Chubb U.S. Group and Chubb Tempest Reinsurance reflect their balance sheet strength, which A.M. Best categorizes as strongest, as well as their very strong operating performance, favorable business profile and appropriate enterprise risk management.
The ratings of Chubb Bermuda and its member reflect their balance sheet strength, which A.M. Best categorizes as strongest, as well as their very strong operating performance, neutral business profile and appropriate enterprise risk management.
The ratings of Combined Insurance and Combined Life Insurance reflect their balance sheet strength, which A.M. Best categorizes as strongest, as well as their strong operating performance, neutral business profile and appropriate enterprise risk management.
The ratings of ACE Life reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its marginal operating performance, very limited business profile and appropriate enterprise risk management.
Asia-Pacific
Moody's affirmed the A3 insurance financial strength rating of CPIC Allianz Health Insurance Co. Ltd. The outlook is stable.
The affirmation of CPIC Allianz's rating reflects the strong business and financial support from its controlling shareholder, China Pacific Insurance (Group) Co. Ltd., which the agency expect to remain unchanged despite the upcoming ownership change. The ratings action also reflects Moody's view that the insurer benefits from good growth prospects in China's health insurance industry.
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Moody's affirmed the A1 insurance financial strength rating of China Life Insurance (Overseas) Co. Ltd. The outlook is stable.
The affirmation and stable outlook reflect the insurer's strong market position, low financial leverage and improved capital position after a capital injection by its shareholder in October.
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S&P Global Ratings assigned the A- long-term issuer credit and financial strength ratings to Axa Tian Ping Property & Casualty Insurance Co. Ltd. The outlook is stable.
The ratings reflect S&P's view that the China-based property and casualty insurer will likely play an important role in Axa Group's strategic expansion in China.
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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