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 assigned a financial strength rating of A- and a long-term issuer credit rating of "a-" to LIO Insurance Co. The outlook is stable.
The ratings reflect LIO's balance sheet strength, which A.M. Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
Europe
S&P Global Ratings upgraded the long-term issuer credit and financial strength ratings of Zurich Insurance Co. Ltd. and its core operating entities to AA from AA-.
The entities are Zurich Reinsurance Co. Ltd., Zurich Insurance PLC, Zurich Capital Markets Inc., Zurich American Insurance Co. of Illinois, Zurich American Insurance Co., Universal Underwriters Insurance Co., Universal Underwriters of Texas Insurance Co., Steadfast Insurance Co., Rural Community Insurance Co., Fidelity & Deposit Co. of Maryland, Empire Indemnity Insurance Co., Empire Fire & Marine Insurance Co., Colonial American Casualty & Surety Co., American Zurich Insurance Co. and American Guarantee & Liability Insurance Co.
The agency also upgraded Zurich Australian Insurance Ltd.'s issuer credit and financial strength ratings to AA- from A+ and Centre Reinsurance (U.S.) Ltd.'s financial strength rating to AA- from A+.
The outlooks were revised to stable from positive as the agency expects Zurich Insurance to keep generating earnings comparable with the leaders in the global multiline insurers peer group while maintaining its very strong capital adequacy and healthy balance sheet.
The upgrade reflects the agency's view that Zurich Insurance's financial performance has sustainably improved and will likely continue to be robust.
Additionally, the agency affirmed the A issuer credit and financial strength ratings of Zurich American Life Insurance Co. with a stable outlook.
______________________
S&P Global Ratings affirmed the AA- issuer credit rating and AA insurer financial strength rating of Allianz SE.
The agency affirmed the AA long-term issuer credit and insurer financial strength ratings of Allianz's core subsidiaries, Euler Hermes SA, Euler Hermes Reinsurance AG, Euler Hermes North America Insurance Co. Inc., Allianz Vie SA, Allianz Suisse Versicherungs-Gesellschaft AG, Allianz Pvt. Krankenversicherungs-AG, Allianz Suisse Lebenversicherungs - Gesellschaft, Allianz Versicherungs AG, Allianz Life Insurance Co. of New York, Allianz Life Insurance Co. of North America, Allianz Lebensversicherungs-AG, Allianz IARD SA, Allianz Elementar Versicherungs-AG, Allianz Elementar Lebensversicherungs-AG, AGCS Marine Insurance Co., Fireman's Fund Insurance Co., National Surety Corp., Interstate Fire & Casualty Co., Chicago Insurance Co., Associated Indemnity Corp., American Insurance Co., American Automobile Insurance Co., Allianz Underwriters Insurance Co., Allianz Global Risks US Insurance Co. and Allianz Global Corporate & Specialty SE.
The agency also affirmed the AA- issuer credit and insurer financial strength ratings of Allianz PLC, Fairmead Insurance Ltd., Allianz Insurance PLC and Allianz Australia Insurance Ltd. and the AA- insurer financial strength ratings of Liverpool Victoria Insurance Co. Ltd., Highway Insurance Co. Ltd., Allianz Reinsurance America Inc. and Allianz Re Dublin DAC.
Allianz Risk Transfer (Bermuda) Ltd. and Allianz Risk Transfer AG's financial enhancement rating, issuer credit and insurer financial strength ratings were affirmed at AA-. Additionally, the agency affirmed the A+ issuer credit rating of Allianz France SA, BB+ issuer credit and insurer financial strength ratings and "zaAAA" South Africa national scale rating of Allianz Global Corporate and Specialty South Africa Ltd.
Lastly, the agency affirmed the A issuer credit and insurer financial strength ratings of Allianz SpA and the AA- issuer credit rating of Allianz Banque SA.
The agency affirmed the ratings as it expects the group to recover its capitalization to the very strong range by the end of 2021.
Asia-Pacific
Fitch Ratings affirmed the A- long-term issuer default rating and the A insurer financial strength rating of Hanwha Life Insurance Co. Ltd.
The outlook on the ratings were revised to stable from negative, reflecting reflects Fitch's expectation that the company will maintain its capital strength and operating stability in the near term.
The ratings action takes into account Hanwha Life Insurance's favorable business profile, proactive asset-liability management and ongoing improvement in its new business value.
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.
Links are current as of publication time; S&P Global Market Intelligence is not responsible if those links are unavailable later.