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 A financial strength rating and the "a+" long-term issuer credit rating of Farmers New World Life Insurance Co. and the A financial strength rating and the "a" long-term issuer credit rating of Farmers Reinsurance Co. The outlook of the credit ratings is stable.
The ratings reflect Farmers New World'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.
Farmers Reinsurance'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 agency also affirmed the "a" long-term issuer credit rating of Farmers Group Inc. The outlook of the credit ratings is stable.
At the same time, A.M. Best withdrew the long-term issuer credit rating of Farmers Group as the company has requested to no longer participate in the agency's interactive rating process.
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A.M. Best affirmed the A- financial strength ratings and the "a-" long-term issuer credit ratings of R.V.I. Guaranty Co. Ltd. and its subsidiary, R.V.I. America Insurance Co. The outlook of the credit ratings is stable.
The ratings reflect the companies' 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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DBRS Morningstar assigned the "A" financial strength rating and issuer rating to Independent Order of Foresters. The trends on all ratings are stable.
The ratings reflect the company's established presence in the U.S., Canadian and the U.K. life insurance markets, where it offers a diversified product set.
Europe
A.M. Best affirmed the A- financial strength ratings and the "a-" long-term issuer credit ratings of Builders Reinsurance SA and Builders Direct SA, both subsidiaries of HOCHTIEF AG. The outlook of the credit ratings is stable.
The ratings reflect Builders Reinsurance's balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
Builders Direct's ratings primarily reflect its strategic importance to Builders Reinsurance as a source of business growth and diversification, as well as explicit support from Builders Reinsurance in the form of reinsurance protection.
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A.M. Best assigned the B++ financial strength rating and the "bbb+" long-term issuer credit rating to Kot Insurance Co. AG, a captive reinsurer of Petroleos Mexicanos. The outlook assigned to the credit ratings is stable.
The ratings reflect Kot Insurance's balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect a rating drag due to the company's ownership by Petroleos Mexicanos reflecting the weaker credit profile of the parent.
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A.M. Best affirmed the "a" long-term issuer credit rating of Zurich Insurance Group AG and the A+ financial strength ratings and the "aa-" long-term issuer credit ratings of its main rated insurance subsidiaries. The outlook of the credit ratings is stable.
The entities are Zurich Insurance PLC, Fidelity & Deposit Co. of Maryland, Empire Fire & Marine Insurance Co., Empire Indemnity Insurance Co., Universal Underwriters Insurance Co., American Guarantee & Liability Insurance Co., American Zurich Insurance Co., Universal Underwriters of Texas Insurance Co., Steadfast Insurance Co., Zurich American Insurance Co., Zurich American Insurance Co. of Illinois, Colonial American Casualty & Surety Co., Rural Community Insurance Co., Zurich Insurance Co. Ltd. and Zurich American Life Insurance Co.
The group's ratings reflect Zurich's balance sheet strength, which A.M. Best categorizes as very strong, and its strong operating performance, very favorable business profile and appropriate enterprise risk management.
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Fitch Ratings affirmed the A long-term issuer default rating of Just Group PLC and the A+ insurer financial strength rating and the A long-term issuer default rating of Just Retirement Ltd.
The ratings reflect Just Group's very strong consolidated capitalization and leverage and asset-liability management. The ratings also mirror the group's strong business profile, earnings and investment risk.
The outlooks are negative, driven by Just Group's pro forma fixed-charge coverage breaching the downgrade sensitivity of 4x under a set of Fitch-defined rating-case assumptions, which include a reduction in new business volumes.
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Moody's affirmed the A3 long-term issuer rating of Aegon NV and the A1 insurance financial strength ratings of Transamerica Life Insurance Co., Transamerica Premier Life Insurance Co. and Transamerica Financial Life Insurance Co. The outlooks were changed to negative from stable for all entities.
The affirmation of Aegon ratings reflects the aggregate credit strength of its various operating companies, particularly its main U.S. operations, good and gradually improved geographic diversification, and reduced financial leverage. The affirmation also reflects the agency's expectation that the group's adjusted financial leverage remains below 30%.
The negative outlook for Aegon reflects the group's weak underlying earnings over the last 18 months, driven by the dominant U.S. business for which trading conditions will continue to be challenging.
The ratings affirmation for Transamerica Life, Transamerica Premier Life and Transamerica Financial Life ratings is based on their well-established positions in the U.S. life insurance and asset accumulation businesses, including individual and employee workplace markets.
Their negative outlook reflects the agency's expectation that the COVID-19-related economic disruption will continue to weigh on earnings because of the impact from lower interest rates, unfavorable mortality experience, as well as elevated defaults and ratings migration.
Middle East and Africa
Fitch affirmed the AA+(zaf) national long-term rating of Sanlam Ltd. and the AAA(zaf) national long-term ratings and national insurer financial strength ratings of Santam Ltd. and Sanlam Developing Markets Ltd.
The rating agency also affirmed the AAA(zaf) national long-term rating and national insurer financial strength rating and the F1+(zaf) national short-term rating of Sanlam Life Insurance Ltd.
The outlooks are stable. The affirmations reflect the Sanlam group's strong business profile and very strong capitalization and operating performance.
Asia-Pacific
A.M. Best affirmed the A- financial strength rating and the "a-" long-term issuer credit rating of New Zealand-based Tower Ltd., formerly known as Tower Insurance Ltd. The outlook of these credit ratings is stable.
At the same time, the agency withdrew the long-term issuer credit rating of the group's prior nonoperating holding company, Tower Ltd., which ceased to exist as part of a corporate restructuring.
The ratings actions follow the execution of a short-form amalgamation of the nonoperating holding company, Tower Ltd., and two other nonrated group entities into Tower Insurance Ltd.
Tower'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.
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