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
S&P Global Ratings assigned its A- financial strength rating to Aspen American Insurance Co. with a stable outlook.
Aspen American Insurance's core group status reflects the rating agency's view that, as Aspen Group's main U.S. primary insurance writer, the operating company is a significant and integral part of the group's strategy in terms of operational integration, operating performance and capital commitment.
Europe
S&P Global Ratings affirmed the BBB issuer credit rating on Willis Towers Watson PLC and revised the outlook to positive from stable.
The revision of the outlook reflects Willis Towers Watson's improved credit metrics that the rating agency expects to be sustained through 2023.
The positive outlook reflects the rating agency's expectation that the company's financial risk profile will likely sustain at its presently more conservative level relative to trends and that operating performance will reflect a moderate improvement in connection with modest top-line growth and margin expansion.
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S&P Global Ratings affirmed the A issuer credit and financial strength ratings on The Steamship Mutual Underwriting Association Ltd. and Steamship Mutual Underwriting Association (Bermuda) Ltd. It also affirmed the A financial strength rating on Steamship Mutual Underwriting Association (Europe) Ltd.
The rating agency changed the outlook on the group to negative from stable. The revised outlook indicates that the rating agency can lower the ratings by one notch if the group's underwriting performance does not improve from the recent weaker level.
The rating agency affirmed the ratings because it still considers that Steamship Mutual has a strong position in the protection and indemnity market in terms of brand and reputation.
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S&P Global Ratings affirmed the BBB issuer credit and financial strength ratings on London Steam Ship Owners Mutual Insurance Association Ltd. and the BBB financial strength rating on The London P&I Insurance Company (Europe) Ltd.
The outlook on the companies was revised to stable from negative. The revised outlook indicates the rating agency's expectation that the companies will maintain risk-based capital adequacy and that their underwriting performance will improve in line with the business plan over the next two years.
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S&P Global Ratings affirmed the A long-term insurer financial strength and issuer credit ratings on The Britannia Steam Ship Insurance Association Europe.
The outlook on the company was revised to negative from stable owing to uncertainty over its ability to restore underwriting profitability in line with its plan.
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.