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 Secom General Insurance
S&P Global Ratings upgraded the financial strength and long-term issuer credit ratings of Secom General Insurance Co. Ltd. to A from A-.
The outlook is stable, reflecting the rating agency's view that Secom General will maintain a healthy capital level over the next two years. Previously, the outlook was positive.
The upgrades reflect Ratings' expectation that Secom General will maintain the improvement of its capital level through accumulation of retained earnings.
U.S. and Canada
A.M. Best raised the outlook on Preferred Mutual Insurance Co.'s long-term issuer credit rating to stable from negative and affirmed the rating at "a+."
The rating agency also affirmed the A financial strength rating of Preferred Mutual, with a stable outlook.
Preferred Mutual's ratings reflect its balance sheet strength, which A.M. Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The raised outlook is a result of the recent improvement in the company's balance sheet strength, the rating agency said.
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A.M. Best raised the outlooks on Southern Vanguard Insurance Co.'s financial strength rating and long-term issuer credit rating to stable from negative and also affirmed the ratings at A- and "a-," respectively.
The ratings reflect Southern Vanguard'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.
The raised outlook reflects the improved financial leverage of Southern Vanguard's ultimate parent, InsVest Special Partner LLC. It also reflects A.M. Best's expectation that the organization's financial leverage will continue to improve in the intermediate term, while Southern Vanguard continues to maintain a very strong level of balance sheet strength and a profitable operating performance.
Asia-Pacific
Fitch Ratings withdrew Sanasa General Insurance Co. Ltd.'s BBB-(lka) national insurer financial strength rating, which was placed under Rating Watch Negative on April 21.
The rating agency said it would no longer have sufficient information to maintain Sanasa General's rating following the insurer's decision to stop participating in the rating process.
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S&P Global Ratings lowered the rating outlooks on Hallmark Life Insurance Co. Ltd. and Hallmark General Insurance Co. Ltd., which trade together as Latitude Insurance, and affirmed their BBB+ financial strength and issuer credit ratings.
The rating agency also lowered the rating outlooks on Hallmark Life Insurance Co. Ltd. (New Zealand Branch) and Hallmark General Insurance Co. Ltd. (New Zealand Branch) to negative from stable while affirming their financial strength ratings at BBB+.
The negative outlooks reflect Ratings' view that there is at least a one-in-three chance that Latitude Insurance will be unable to execute its strategy and grow premiums over the next two years.
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.
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