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.
US and Canada
A.M. Best removed from under review with negative implications and affirmed the C+ financial strength ratings and the "b-" long-term issuer credit ratings of EmblemHealth Inc.'s subsidiaries, Health Insurance Plan of Greater New York, HIP Insurance Co. of New York, Group Health Inc. and ConnectiCare Inc.
The outlook assigned to the credit ratings is negative, reflecting the agency's concern over the deterioration of EmblemHealth's balance sheet strength.
The ratings reflect EmblemHealth's balance sheet strength, which A.M. Best categorizes as very weak, as well as its marginal operating performance, neutral business profile and marginal enterprise risk management.
The affirmations reflect various initiatives implemented by EmblemHealth to improve operating performance over the next several years, primarily driven by cost savings associated with completing its migration to a new operating platform, which has been outsourced to Cognizant.
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A.M. Best removed from under review with negative implications and downgraded the financial strength rating to B+ from A- and the long-term issuer credit rating to "bbb-" from "a-" of Foresters Life Insurance & Annuity Co. The outlook assigned to the credit ratings is negative.
The ratings reflect Forest Life's balance sheet strength, which A.M. Best categorizes as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
Concurrently, the agency withdrew the ratings of Foresters Life following its merger into Nassau Life Insurance Co.
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A.M. Best affirmed the A financial strength rating and the "a" long-term issuer credit Rating of Associated Electric & Gas Insurance Services Ltd. The outlook of the credit ratings is stable.
The ratings reflect Associated Electric & Gas Insurance's 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 upgraded the financial strength ratings to A- from B++ and the long-term issuer credit ratings to "a-" from "bbb+" of Health Alliance Medical Plans Inc. and its Health Alliance-Midwest Inc. subsidiary. The outlook of the credit ratings was revised to stable from positive.
The ratings reflect the companies' balance sheet strength, which A.M. Best categorizes as strong, as well as their adequate operating performance, limited business profile and appropriate enterprise risk management. The rating upgrades reflect favorable operating performance over the past few years.
The ratings also reflect the companies' strategic role as the main subsidiary of The Carle Foundation.
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A.M. Best affirmed the "a-" long-term issuer credit ratings of Wilton Re Ltd. and Wilton Re Finance LLC.
The rating agency also affirmed the A+ financial strength ratings and the "aa" long-term issuer credit ratings of Wilton Re Ltd.'s life and health subsidiaries, Wilton Reinsurance Bermuda Ltd., Wilton Reassurance Co., Texas Life Insurance Co., Wilton Reassurance Life Co. of New York, Wilco Life Insurance Co., Wilcac Life Insurance Co. and ivari.
The outlook of the credit ratings is stable.
The ratings reflect the subsidiaries' balance sheet strength assessment, which A.M. Best categorizes as very strong, as well as their strong operating performance, favorable business profile and appropriate enterprise risk management.
The ratings also reflect the companies' very strong risk-adjusted capitalization, continued strong operating earnings and disciplined growth strategy, as well as the ongoing commitment by ultimate parent, Canada Pension Plan Investment Board, to provide capital in support of future growth.
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A.M. Best downgraded the long-term issuer credit rating to "bbb+" from "a-" of Globe Life Inc. and the financial strength ratings to A from A+ and the long-term issuer credit ratings to "a+" from "aa-" of its key life and health subsidiaries.
The subsidiaries are Globe Life & Accident Insurance Co., American Income Life Insurance Co. Inc., National Income Life Insurance Co., Liberty National Life Insurance Co., Family Heritage Life Insurance Co. of America Inc., United American Insurance Co. and Globe Life Insurance Co. of New York.
The outlook of the credit ratings was revised to stable from negative.
The ratings downgrades reflect Globe Life's relatively low level of risk-adjusted capitalization for its previous balance sheet strength assessment. The company's ratings reflect its very strong operating performance over the past several years as all core lines of business have reported strong earnings annually and premium trends have been favorable.
The subsidiaries' ratings reflect their balance sheet strength, which A.M. Best categorizes as strong, as well as their very strong operating performance, 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 Munich Re and its subsidiaries.
The entities are Great Lakes Insurance SE, New Reinsurance Co Ltd., Munich Reinsurance America Inc., Princeton Excess & Surplus Lines Insurance Co., American Alternative Insurance Corp., Bridgeway Insurance Co., Munich American Reassurance Co., Munich Reinsurance Co. of Canada, Temple Insurance Co., American Family Home Insurance Co., American Modern Home Insurance Co., American Modern Insurance Co. of Florida Inc., American Modern Lloyds Insurance Co., American Modern Select Insurance Co., American Southern Home Insurance Co., American Western Home Insurance Co., American Modern Property & Casualty Insurance Co., Munich Re of Bermuda Ltd., Digital Edge Insurance Co., Digital Affect Insurance Co. and Digital Advantage Insurance Co.
The agency also affirmed the "a" long-term issuer credit rating of Munich Re America Corp.
The outlook of the credit ratings is stable.
The ratings reflect Munich Re's balance sheet strength, which A.M. Best categorizes as strongest, as well as its strong operating performance, very favorable business profile and very strong enterprise risk management.
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A.M. Best affirmed the A+ financial strength ratings and the "aa" long-term issuer credit ratings of Swiss Reinsurance Co. Ltd. and its rated operating affiliates.
The entities are Swiss Re Asia Pte. Ltd., Swiss Re Europe SA, Swiss Re International SE, Swiss Re Corporate Solutions Ltd., Swiss Re Life & Health America Inc., Swiss Reinsurance America Corp., Westport Insurance Corp., North American Specialty Insurance Co., North American Elite Insurance Co., North American Capacity Insurance Co., First Specialty Insurance Corp., Swiss Re Portfolio Partners S.A., Washington International Insurance Co. and iptiQ Life SA.
The outlook of the financial strength ratings is stable. The outlook of the long-term issuer credit ratings was revised to negative from stable, reflecting pressure on Swiss Re's operating performance assessment following nonlife underwriting losses in recent periods, partly driven by the casualty book of business.
The credit ratings reflect A.M. Best's assessment of the rating fundamentals of the consolidated Swiss Re Ltd. group, namely its balance sheet strength, which the agency categorizes as strongest, as well as its strong operating performance, very favorable business profile and very strong enterprise risk management.
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Moody's upgraded the insurance financial strength rating to Baa1 from Baa2 on Caser SA, concluding the review for upgrade initiated in January. The outlook was changed to positive from rating under review.
The upgrade follows the closing of Helvetia Holding AG's acquisition of Caser and reflects the impact of the transaction on the target's credit profile, notably its financial flexibility. The positive outlook considers the potential for further implicit support that Caser may benefit from as it becomes more integrated in the Helvetia Group.
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Moody's affirmed the A1 insurance financial strength rating of If P&C Insurance Ltd. (publ), Sampo Plc's main operating entity. The outlook stays stable.
The affirmation reflects If P&C's core status within the larger Sampo Group. The ratings reflect the group's position as the largest and most diversified insurance franchise in the Nordic region, strong profitability, particularly the consistently very strong property and casualty underwriting results through If P&C, and strong capitalization, based on the strong Solvency II positions of its main subsidiaries, as well as moderately strong Group Solvency.
Asia-Pacific
A.M. Best downgraded the financial strength rating to B++ from A- and the long-term issuer credit rating to "bbb+" from "a-" of New India Assurance Co. Ltd. The outlook of the credit ratings was revised to stable from negative.
These ratings reflect New India Assurance's balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, favorable business profile and marginal enterprise risk management. The downgrades follow a revision in the agency's assessment of the insurer's enterprise risk management from appropriate to marginal.
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