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 Unum Group, subsidiaries
A.M. Best upgraded the financial strength rating to A from A- and the long-term issuer credit rating to "a" from "a-" of Unum Insurance Co.
The rating agency concurrently affirmed the "bbb" long-term issuer credit rating of Unum Group, as well as the A financial strength rating and the "a" long-term issuer credit ratings of Unum's core U.S. life/health insurance subsidiaries, Unum Life Insurance Co. of America, Provident Life & Accident Insurance Co., Paul Revere Life Insurance Co., Colonial Life & Accident Insurance Co., First Unum Life Insurance Co., Provident Life & Casualty Insurance Co. and Starmount Life Insurance Co.
A.M. Best revised the outlooks for the long-term issuer credit ratings to positive from stable, while the outlooks of the financial strength ratings were stable.
The ratings reflect Unum's balance sheet strength, which A.M. Best assesses as strong, its strong operating performance, favorable business profile and appropriate enterprise risk management.
The outlook revision reflects Unum's strengthened risk-adjusted capitalization and financial flexibility over the 2020-2021 period, stable asset quality, adequate reserves and enhanced liquidity.
US and Canada
A.M. Best downgraded the financial strength rating to C++ from B and the long-term issuer credit rating to "b" from "bb+" of Capacity Insurance Co. The outlooks are negative.
The rating agency concurrently withdrew the ratings, citing the company's request to no longer participate in A.M. Best's interactive rating process.
Capacity Insurance's ratings reflect its balance sheet strength, which A.M. Best assesses as weak, its marginal operating performance, limited business profile and marginal enterprise risk management.
The downgrades reflect the reassessment of Capacity Insurance's overall balance sheet strength, operating performance and enterprise risk management practices, as well as an unfavorable shift in its risk-adjusted capitalization, which declined to the weak level from strong.
The negative outlooks reflect continued pressure on the company's overall balance sheet strength amid operating performance volatility, which eroded the surplus position.
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A.M. Best removed from under review with developing implications and affirmed the A financial strength rating and the "a+" long-term issuer credit ratings of American National Insurance Co. and its life/health subsidiaries, collectively referred to as American National Group.
The life/health subsidiaries are American National Life Insurance Co. of Texas, American National Life Insurance Co. of New York and Standard Life & Accident Insurance Co.
The rating agency concurrently removed from under review with developing implications and affirmed the A financial strength rating and the "a" long-term issuer credit rating of Garden State Life Insurance Co.
A.M. Best also removed from under review with developing implications and affirmed the A financial strength rating and the "a+" long-term issuer credit ratings of American National Insurance's property/casualty subsidiaries, which are considered part of American National Property & Casualty Group.
The property/casualty subsidiaries are American National Property & Casualty Co., American National General Insurance Co., ANPAC Louisiana Insurance Co., American National Lloyds Insurance Co., Pacific Property & Casualty Co., American National County Mutual Insurance Co., Farm Family Casualty Insurance Co. and United Farm Family Insurance Co. The outlooks are stable.
The ratings of American National Group reflect its balance sheet strength, which A.M. Best assesses as strongest, its adequate operating performance, favorable business profile and appropriate enterprise risk management.
The ratings of American National Property & Casualty Group reflect its balance sheet strength, which A.M. Best assesses as strongest, its adequate operating performance, neutral business profile and appropriate enterprise risk management.
Garden State Life's ratings reflect its balance sheet strength, which A.M. Best assesses as strongest, its adequate operating performance, limited business profile and appropriate enterprise risk management.
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A.M. Best placed under review with negative implications the A- financial strength rating and the "a-" long-term issuer credit ratings of Topa Insurance Co. and its subsidiary, Dorchester Insurance Co. Ltd.
The ratings reflect the need for further discussions between A.M. Best and Topa Insurance's management regarding strategic business initiatives to improve operating performance over the near term.
The rating agency will review the group's progress on strategic initiatives and the financial and operational impacts of these initiatives on the group's operating results.
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Kroll Bond Rating Agency revised the outlooks to negative from stable and affirmed the BB+ issuer rating of Conifer Holdings Inc. and the BBB+ insurance financial strength rating of Conifer's insurance subsidiaries, Conifer Insurance Co. and White Pine Insurance Co.
The ratings reflect the group's niche focus, experienced management team, sufficient capitalization and improved risk profile. These strengths are offset by Conifer's underwriting losses over the last five years, driven by adverse reserve development, catastrophe losses in prior years and an elevated expense ratio.
The negative outlook reflects Conifer's operating performance in recent years, which has fallen short of KBRA's expectations.
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