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 affirmed the A+ financial strength rating and the "aa" long-term issuer credit rating of Minnesota Life Insurance Co. and subsidiary Securian Life Insurance Co. The outlooks are stable.
The ratings reflect the companies' balance sheet strength, which A.M. Best categorizes as strongest, as well as their strong operating performance, favorable business profile and appropriate enterprise risk management.
The rating agency also affirmed the A financial strength rating and the "a+" long-term issuer credit rating of Securian Casualty Co. as well as the A financial strength rating and the "a" long-term issuer credit rating of Canadian Premier Life Insurance Co. The outlooks are stable.
Securian Casualty's ratings reflect its 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.
The ratings of Canadian Premier reflect its 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 withdrew the A financial strength rating and the "a+" long-term issuer credit rating of Unigard Insurance Co. and Southern Fire & Casualty Co. as they are no longer subsidiaries of QBE Insurance Group Ltd. and are no longer members of QBE's North America pooling agreement effective Nov. 1.
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A.M. Best affirmed the "a-" long-term issuer credit rating of UnitedHealth Group Inc. and the A financial strength rating and the "a+" long-term issuer credit rating of UnitedHealthcare Insurance Co., UnitedHealthcare Life Insurance Co., UnitedHealthcare Insurance Co. of Illinois, UnitedHealthcare Insurance Co. of New York, Unimerica Insurance Co., Unimerica Life Insurance Co. of New York, Golden Rule Insurance Co., All Savers Insurance Co., MAMSI Life & Health Insurance Co., MD-Individual Practice Association Inc., Neighborhood Health Partnership Inc., Optimum Choice Inc., Oxford Health Insurance Inc., Oxford Health Plans (CT) Inc., Oxford Health Plans (NJ) Inc., Oxford Health Plans (NY) Inc., PacifiCare of Arizona Inc., PacifiCare of Colorado Inc., PacifiCare of Nevada Inc., Physicians Health Choice of Texas LLC, UHC of California, UnitedHealthcare Benefits of Texas Inc., UnitedHealthcare Insurance Co. of the River Valley, UnitedHealthcare Plan of the River Valley Inc., UnitedHealthcare of Alabama Inc., UnitedHealthcare of Arizona Inc., UnitedHealthcare of Arkansas Inc., UnitedHealthcare of Colorado Inc., UnitedHealthcare of Florida Inc., UnitedHealthcare of Georgia Inc., UnitedHealthcare of Illinois Inc., UnitedHealthcare of Kentucky Ltd., UnitedHealthcare of Louisiana Inc., UnitedHealthcare of the Mid-Atlantic Inc., UnitedHealthcare of the Midlands Inc., UnitedHealthcare of the Midwest Inc., United HealthCare of Mississippi Inc., UnitedHealthcare of New England Inc., UnitedHealthcare of New York Inc., UnitedHealthcare of North Carolina Inc., UnitedHealthcare of Ohio Inc., UnitedHealthcare of Oklahoma Inc., UnitedHealthcare of Oregon Inc., UnitedHealthcare of Pennsylvania Inc., UnitedHealthcare of Texas Inc., UnitedHealthcare of Utah Inc., UnitedHealthcare of Washington Inc., UnitedHealthcare of Wisconsin Inc., Health Plan of Nevada Inc., Sierra Health & Life Insurance Co. Inc., AmeriChoice of New Jersey Inc., UnitedHealthcare Community Plan Inc., UnitedHealthcare Community Plan of Ohio Inc., Dental Benefit Providers of California Inc., Nevada Pacific Dental Inc., National Pacific Dental Inc. and Symphonix Health Insurance Inc. The companies are collectively referred to as UnitedHealthcare.
The ratings of UnitedHealthcare reflect its balance sheet strength, which A.M. Best categorizes as strong, as well as its strong operating performance, very favorable business profile and very strong enterprise risk management.
The outlook on the companies is positive, reflecting the continued strengthening of profitability metrics.
In addition, A.M. Best upgraded the financial strength rating to A from A- and the long-term issuer credit rating to "a" from "a-" of Enterprise Life Insurance Co., National Foundation Life Insurance Co. and Freedom Life Insurance Co. of America, collectively referred to as USHEALTH. The rating agency also upgraded the financial strength rating to A from A- and the long-term issuer credit rating to "a" from "a-" of Chesapeake Life Insurance Co. The outlooks are stable.
USHEALTH's ratings reflect its balance sheet strength, which A.M. Best categorizes as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. The upgrade reflects the strengthening of USHEALTH's risk-adjusted capital through retained earnings.
Chesapeake Life’s ratings reflect its 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. The rating upgrades of Chesapeake Life are based on improvement of its enterprise risk management assessment to appropriate, based on integration with the parent company's enterprise risk management program.
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Kroll Bond Rating Agency assigned the A- insurance financial strength rating to Coefficient Insurance Co., with a stable outlook.
The rating reflects the recently established accident and health insurer's sound initial capitalization, detailed strategy and business plan, attractive market opportunity and access to additional capital.
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Kroll Bond Rating Agency affirmed the A- insurance financial strength rating of Converge RE II and the BBB- issuer rating of Converge Holdings Inc. The outlooks are stable.
The ratings reflect Converge RE's sound capitalization, seasoned management team, disciplined underwriting, sound liquidity profile and committed, long-term investor.
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Kroll Bond Rating Agency affirmed the BBB- insurance financial strength rating of ELCO Mutual Life & Annuity. The outlook is stable.
ELCO Mutual's rating mirrors its consistent strong top-line growth, largely generated by its flagship product, a Medicaid-compliant annuity; steady operating income; and improving capital base.
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Fitch Ratings placed the BBB insurer financial strength rating of F&G Reinsurance Ltd. on Rating Watch Negative.
The ratings action follows the completion of the sale of F&G Re to Ares Management Corp. indirect subsidiary Aspida Holdings Ltd. by Fidelity National Financial Inc. and F&G.
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Fitch published the BBB long-term issuer default rating of Athora Holding Ltd. and affirmed the BBB+ insurer financial strength ratings of Athora Life Re Ltd., Athora Ireland PLC and SRLEV NV. The rating agency also affirmed the BBB long-term issuer default rating of Athora Netherlands NV. The outlooks are stable.
The Athora group's ratings continue to reflect good investment risk and profitability, a moderate business profile, strong capitalization and leverage as well as strong asset and liability management and liquidity, according to the rating agency.
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Moody's affirmed the Caa1 corporate family rating and the Caa1-PD probability of default rating of APCO Holdings LLC.
The affirmation considers APCO's leading position as a marketer and administrator of vehicle service contracts, its fee-oriented operating model with no material underwriting risk and its historically good free-cash-flow metrics.
The outlook for APCO was changed to positive from negative, reflecting the rating agency’s expectation that the company's prospective profitability, liquidity and financial leverage will improve.
Europe
Fitch affirmed the BB- insurer financial strength rating of Uzagrosugurta Joint-Stock Co. with a stable outlook.
The rating is support-driven and equalized with Uzbekistan's long-term local-currency issuer default rating of BB-, and reflects Uzagrosugurta's indirect ownership by the state and the insurer's systemic role in the agricultural sector.
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A.M. Best affirmed the A+ financial strength rating and the "aa-" long-term issuer credit rating of Axa Global Re. The outlook is stable.
Axa Global's ratings reflect its balance sheet strength, which A.M. Best categorizes as adequate, as well as its adequate operating performance, neutral business profile and very strong enterprise risk management. The ratings also consider Axa Global's strategic importance to Axa SA, with the company benefiting from rating enhancement as a result.
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A.M. Best affirmed the A financial strength rating and the "a+" long-term issuer credit rating of Covéa Coopérations, the intermediate holding company and the principal inward reinsurance vehicle for SGAM Covéa. The outlook of the credit ratings is stable.
The ratings reflect SGAM Covéa's balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, favorable 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 rating of Accelerant Insurance Ltd., a subsidiary of Accelerant Holdings. The outlook is stable.
The ratings reflect Accelerant Insurance's strategic importance to the Accelerant group, along with Accelerant's consolidated balance sheet strength, which A.M. Best categorizes as very strong, as well as the group's 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 rating of Assicurazioni Generali SpA and its main rated subsidiaries. The outlook of the credit ratings is stable.
The subsidiaries are Generali Italia SpA, Generali Deutschland AG, Cosmos Lebensversicherungs-AG, Cosmos Versicherung AG, Generali Vie SA, Generali IARD SA, Generali Česká pojišťovna a.s., Generali España SA de Seguros y Reaseguros, Generali Deutschland Versicherung AG, Generali Deutschland Krankenversicherung AG and Generali Deutschland Lebensversicherung AG.
The ratings reflect Assicurazioni Generali's balance sheet strength, which A.M. Best categorizes as strong, as well as its strong operating performance, very favorable business profile and appropriate enterprise risk management.
The long-term issuer credit rating of "bbb+" with a stable outlook was affirmed for Generali France SA.
Middle East and Africa
A.M. Best affirmed the B financial strength rating and the "bb" long-term issuer credit rating of Ghana Reinsurance Co. Ltd. The outlook of the credit ratings is stable.
Ghana Re's ratings reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and weak enterprise risk management.
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S&P Global Ratings affirmed the CCC+ long-term insurer financial strength rating on ENSA - Seguros de Angola SA, with a stable outlook.
The insurer's rating reflects its reliance on favorable business, financial, and economic conditions to continue operating in Angola.
Asia-Pacific
A.M. Best placed under review with negative implications the A financial strength rating and the "a" long-term issuer credit rating of BNZ Life Insurance Ltd.
The rating agency also placed under review with developing implications the A- financial strength rating and the "a-" long-term issuer credit rating of Partners Life Ltd.
The ratings actions follow the recent announcement that National Australia Bank Ltd. is selling its New Zealand life insurance business, including BNZ Life, to Partners Life. The transaction is expected to be completed in the second half of 2021.
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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