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 revised its outlooks to negative from stable on Kemper Corp., as well as its affiliates and subsidiaries.
The rating agency also affirmed the "bbb" long-term issuer credit ratings of Kemper and Infinity Property & Casualty Corp. The A financial strength ratings and the "a" long-term issuer credit ratings of Kemper's property/casualty and life/health subsidiaries were also affirmed.
The P&C subsidiaries are Trinity Universal Insurance Co., Alpha Property & Casualty Insurance Co., Capitol County Mutual Fire Insurance Co., Charter Indemnity Co., Financial Indemnity Co., Infinity Insurance Co., Infinity Assurance Insurance Co., Infinity Auto Insurance Co., Infinity Casualty Insurance Co., Infinity Indemnity Insurance Co., Infinity Preferred Insurance Co., Infinity Safeguard Insurance Co., Infinity Security Insurance Co., Infinity Standard Insurance Co., Infinity County Mutual Insurance Co., Infinity Select Insurance Co., Kemper Independence Insurance Co., Merastar Insurance Co., Mutual Savings Fire Insurance Co., Kemper Financial Indemnity Co., Old Reliable Casualty Co., Response Insurance Co., Response Worldwide Direct Auto Insurance Co., Response Worldwide Insurance Co., Union National Fire Insurance Co., United Casualty Insurance Co. of America, Unitrin Advantage Insurance Co., Unitrin Auto and Home Insurance Co., Unitrin County Mutual Insurance Co., Unitrin Direct Insurance Co., Unitrin Direct Property & Casualty Co., Unitrin Preferred Insurance Co., Unitrin Safeguard Insurance Co., Valley Property and Casualty Insurance Co. and Warner Insurance Co.
The life/health subsidiaries are Mutual Savings Life Insurance Co., United Insurance Co. of America, Reliable Life Insurance Co. (MO), Reserve National Insurance Co. and Union National Life Insurance Co.
The negative outlooks for the P&C subsidiaries primarily reflect the significant earnings deterioration of the group and for Kemper overall in 2021. The negative outlook for Kemper follows that of the P&C subsidiaries.
The negative outlooks for the life and health subsidiaries recognize the operation's significantly smaller scale within the organization and A.M. Best's view that the group's credit profile is therefore a function of their intrinsic strength and that of the P&C insurance affiliate and holding company.
The ratings of Kemper's property and casualty subsidiaries reflect the group's balance sheet strength, which A.M. Best categorizes as very strong, and its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The ratings of the life and health subsidiaries reflect the group's balance sheet strength, which A.M. Best categorizes as strongest, and its adequate operating performance, neutral business profile and appropriate enterprise risk management.
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S&P Global Ratings assigned its A- financial strength and issuer credit ratings to Hudson Excess Insurance Co. The outlook is positive.
The ratings reflect Hudson Excess Insurance's core status as a subsidiary of Odyssey Reinsurance Co.
Europe
A.M. Best revised the outlooks to negative from stable and affirmed the A- financial strength rating and the "a-" long-term issuer credit rating of The Swedish Club.
The credit ratings reflect The Swedish Club's balance sheet strength, which A.M. Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The outlook revision reflects ongoing pressure on operating performance as challenging market conditions continue to impact the company's underwriting results.
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S&P Global Ratings assigned its A long-term insurer financial strength ratings to Belgium-domiciled insurer Credendo - Short-Term Non-EU Risks and Czech Republic-domiciled insurer Credendo Short-Term EU Risks. The outlooks on both entities are stable.
Credendo - Short-Term Non-EU Risks' stable outlook reflects the rating agency's view that the company will continue to receive a consistent level of support from Credendo group over the next two years.
The stable outlook on Credendo - Short-Term EU Risks takes into account S&P Global Ratings' expectation that the company will grow materially over the next two years as it continues to receive a consistent level of support from the group.
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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