S&P Global Market Intelligence compiles ratings actions in the insurance space daily through 12 a.m. ET the previous day. Actions after 12 a.m. ET will be included in the following day's roundup.
A.M. Best acts on Cigna, subsidiaries
A.M. Best revised the outlook to positive from stable and affirmed the "bbb" long-term issuer credit rating of Cigna Corp.
The rating agency concurrently revised the outlooks to positive from stable and affirmed the "a" long-term issuer credit ratings of Cigna's key U.S. life/health subsidiaries, health maintenance organizations and Europe-based insurance companies. A.M. Best also affirmed the subsidiaries' A financial strength rating with a stable outlook.
A.M. Best also affirmed the A financial strength rating and the "a" long-term issuer credit ratings of Medco Containment Life Insurance Co. and Medco Containment Insurance Co. of New York as well as the Cigna HealthSpring subsidiaries, HealthSpring Life & Health Insurance Co. Inc., HealthSpring of Florida Inc., Bravo Health Mid-Atlantic Inc. and Bravo Health Pennsylvania Inc. The outlooks are stable.
The key U.S. life/health subsidiaries and health maintenance organizations, collectively referred to as the Cigna Life & Health Group, are Connecticut General Life Insurance Co., American Retirement Life Insurance Co., Cigna Health and Life Insurance Co., Cigna Worldwide Insurance Co., Cigna HealthCare of Indiana Inc., Cigna HealthCare of North Carolina Inc., Cigna HealthCare of South Carolina Inc., Cigna HealthCare of Arizona Inc., Cigna HealthCare of Georgia Inc., Cigna HealthCare of Texas Inc., Cigna HealthCare of Florida Inc., Cigna HealthCare of New Jersey Inc., Cigna HealthCare of Colorado Inc., Cigna HealthCare of Connecticut Inc., Cigna HealthCare of Illinois Inc., Cigna HealthCare of St. Louis Inc., Cigna HealthCare of Tennessee Inc., Cigna HealthCare of California Inc., Cigna Dental Health Plan of Arizona Inc., Cigna Dental Health of California Inc., Cigna Dental Health of Florida Inc., Cigna Dental Health of Maryland Inc., Cigna Dental Health of Ohio Inc., Cigna Dental Health of Pennsylvania Inc., Cigna Dental Health of Texas Inc., Cigna Dental Health of New Jersey Inc., Cigna Dental Health of Missouri Inc., Cigna Dental Health of Virginia Inc., Cigna National Health Insurance Co., Loyal American Life Insurance Co. and Provident American Life and Health Insurance Co.
The Europe-based insurance companies are Cigna Life Insurance Co. of Europe SA – NV, Cigna Global Insurance Co. Ltd. and Cigna Europe Insurance Co. SA – NV.
The ratings of Cigna Life & Health Group reflect its balance sheet strength, which A.M. Best assesses as strong, and its strong operating performance, favorable business profile and appropriate enterprise risk management.
The positive outlook on Cigna Life & Health Group reflects the rating agency's expectation of a sustained and improved level of risk-adjusted capitalization and no weakening of balance sheet metrics at Cigna.
Cigna Life Insurance Europe's ratings reflect its balance sheet strength, which A.M. Best assesses as very strong, and its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also factor in rating enhancement from Cigna.
The ratings of Cigna Europe Insurance account for its strategic importance to Cigna Life Insurance Europe and Cigna as the group's non-life insurance carrier in Europe.
Cigna Global Insurance's ratings reflect its balance sheet strength, which A.M. Best assesses as very strong, and its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also factor in rating enhancement from Cigna.
The positive outlook on Cigna Life Insurance Europe and Cigna Global Insurance reflects the positive outlook on the lead rating unit, Cigna Life & Health Group, and the entities' strategic importance to Cigna.
The ratings of the Medco Containment subsidiaries reflect their balance sheet strength, which A.M. Best assesses as very strong, and their adequate operating performance, limited business profile and appropriate enterprise risk management.
The Cigna HealthSpring subsidiaries' ratings reflect their balance sheet strength, which A.M. Best assesses as adequate, and their adequate operating performance, neutral business profile and appropriate enterprise risk management.
U.S. and Canada
A.M. Best downgraded the financial strength rating to B from B+ and the long-term issuer credit rating to "bb" from "bbb-" of Triple-S Blue Inc. II.
The ratings were also removed from under review with developing implications. The outlook is stable.
The rating agency concurrently withdrew Triple-S Blue's ratings following the company's request to no longer participate in A.M. Best's interactive rating process.
Triple-S Blue's ratings reflect its balance sheet strength, which A.M. Best assesses as adequate, and its marginal operating performance, limited business profile and appropriate enterprise risk management.
The downgrade follows the completed sale of Triple-S Blue's Costa Rica asset in May. The ratings also reflect a reduction in rating enhancement, due to the impact of Triple-S Blue's reduced strategic importance to Triple-S and its ultimate parent, GuideWell Mutual Holding Corp.
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A.M. Best upgraded the financial strength rating to A from A- and the long-term issuer credit to "a" from "a-" of Wright National Flood Insurance Co. The outlook is stable.
The ratings reflect the company's balance sheet strength, which A.M. Best assesses as strongest, and its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The upgrades reflect the revision in Wright National's business profile assessment, benefiting from its strong market presence as the leading writer of federal flood insurance in the U.S. and its excellent management with a successful history of strategy execution.
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A.M. Best removed from under review with negative implications and affirmed the B+ financial strength ratings and the "bbb-" long-term issuer credit ratings of Oregon Dental Services and Moda Health Plan Inc. The outlooks are negative.
The ratings actions follow the rating agency's analysis of the repurchase of Delta Dental of California's minority stake in Moda Partners Inc.
Oregon Dental's ratings reflect its balance sheet strength, which A.M. Best assesses as adequate, and its adequate operating performance, limited business profile and appropriate enterprise risk management.
Moda Health's ratings reflect its balance sheet strength, which A.M. Best assesses as adequate, and its marginal operating performance, limited business profile and appropriate enterprise risk management.
The affirmations reflect the stabilization of the risk-adjusted capital of Oregon Dental, which was negatively affected by the repurchase of Moda Partners. Moda Health receives ratings enhancement from Oregon Dental.
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Moody's revised the outlook to stable from negative and affirmed the Baa2 insurance financial strength rating of National Public Finance Guarantee Corp. and the Caa1 insurance financial strength rating of MBIA Insurance Corp.
The outlook revision for National Public Finance Guarantee reflects reduced uncertainty regarding ultimate losses on its Puerto Rico exposures, while the change in outlook for MBIA Insurance reflects expected improvements in its risk-adjusted capital adequacy as some large exposures mature in 2022.
National Public Finance Guarantee's ratings reflect its sizable capital resources, meaningful delinking from its weaker affiliates and the continued amortization of its insured portfolio.
MBIA Insurance's ratings reflect its improving capital adequacy position, offset by the uncertainty associated with the outcomes of ongoing loss recovery efforts.
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S&P Global Ratings assigned the A+ issuer credit rating to Athene Annuity Re Ltd. The outlook is stable.
The rating is based on the rating agency's view that Athene Annuity Re is core to its ultimate parent, Athene Holding Ltd. The ratings on core subsidiaries are generally aligned with the parent's group credit profile, according to Ratings.
The stable outlook on Athene Holding's operating companies reflects the rating agency's expectation that the company will retain its competitive position in its core markets, maintain an AA capital adequacy level and continue growing profitably.
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.