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.
S&P acts on AIG General Insurance
S&P Global Ratings removed from CreditWatch with negative implications and affirmed its A+ financial strength and issuer credit ratings on AIG General Insurance Co. Ltd.
The ratings were removed from CreditWatch after American International Group Inc. announced it intends to separate its life and retirement operations.
The outlooks are negative, reflecting Ratings' outlook on the group's core overseas subsidiaries and its view that AIG General remains a core operating subsidiary of AIG.
U.S. and Canada
A.M. Best assigned the A- financial strength rating and the "a-" long-term issuer credit rating to Aspida Life Insurance Co. The outlook assigned to the ratings is stable.
The rating agency also affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Aspida Life Re Ltd. The outlook is stable.
Aspida Life Insurance's ratings reflect the company'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.
Aspida Life Re's ratings reflect the company's balance sheet strength, which the rating agency assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management
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A.M. Best assigned the A- financial strength rating and the "a-" long-term issuer credit rating to C&T Insurance Co. The outlook is stable.
The ratings reflect C&T Insurance'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.
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Fitch Ratings downgraded the insurer financial strength rating of Prudential Annuities Life Assurance Corp. to BBB+ from A after Prudential Financial Inc. completed the sale of the company to FGH Parent LP.
The ratings were removed from Rating Watch Negative, and the outlook is stable.
The ratings action aligns Prudential Annuities Life's rating with those of Fortitude Reinsurance Co. Ltd. The action also considers Prudential Annuities Life's stand-alone credit profile and strategic importance to the group.
Middle East and Africa
A.M. Best affirmed the B financial strength rating and the "bb" long-term issuer credit rating of Al-Sagr National Insurance Co. PSC.
Concurrently, A.M. Best withdrew the ratings as the company requested to no longer participate in the rating agency's rating process.
The ratings reflect the company's balance sheet strength, which A.M. Best assesses as adequate, as well as its adequate operating performance, limited business profile and marginal enterprise risk management.
The negative outlooks reflect the potential for further weakening in balance sheet strength metrics, due to the potential for underwriting and/or investment losses.
Asia-Pacific
S&P Global Ratings withdrew its A long-term issuer credit rating and financial strength rating on Fidelity Insurance Co. Ltd., formerly Westpac Life-NZ-Ltd., at the company's request.
The outlook was stable at the time of the withdrawal.
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.