Rating actions

JMP cuts Root to market perform, raises Lemonade and Hippo price targets

JMP Securities has downgraded its outlook for Root to market perform following its recent strong share price rally, while price targets for fellow insurtechs Lemonade and Hippo have been raised.

S&P raises US P&C sector view to stable from negative

A “significant improvement” in US personal auto and homeowners’ underwriting profitability has spurred S&P Global Ratings to raise its sector view on the country’s P&C market to stable from negative.

S&P: High quality of capital among European insurers for 2025

European P&C insurers are expected to enter 2025 with unchanged solid margins, according to S&P’s latest outlook, with progressive dividends and share buybacks among listed insurers actively reducing capital surplus.

GIC Re targets renewed international growth following ratings upgrade

India’s state-backed reinsurer GIC Re has targeted growth of its international book, taking advantage of its recent rating upgrade from AM Best, according to managing director and chairman Ramaswamy Narayanan.

Fitch upgrades QBE outlook following North American mid-market portfolio exit

Fitch Ratings has revised the outlook on all the ratings of Australia-based QBE Insurance Group and its subsidiaries to positive from stable.

Upgrades outweigh downgrades across Asia Pacific in latest AM Best study

Improved balance sheet strength and favourable operating results meant (re)insurers in the Asia Pacific region saw more upgrades to long-term issuer credit ratings than downgrades last year, according to AM Best.

Auto-Owners FSR cut to A+ as private passenger claims rates inflate

AM Best has downgraded Auto-Owners Insurance Company’s financial strength rating to A+ from A++ as a result of private passenger automobile exposure, a line plagued by high claims rates, growing cost of repairs, and supply chain challenges.

AM Best revises AmFam outlook to stable on improved results

AM Best has revised its outlook for American Family Mutual Insurance Company and its core affiliates from negative to stable, while affirming its financial Strength Rating (FSR) of A (Excellent) and long-term issuer credit rating (ICR) of “a+” (Excellent).

AM Best: South Carolina Farm Bureau’s Helene losses expected to blow through retention

AM Best has taken action on two South Carolina mutuals in response to weather-related losses, downgrading the issuer credit rating of South Carolina Farm Bureau and the ICR and financial strength rating of Southern Mutual Church Insurance.

AM Best raises Greenlight Re’s outlook to positive on improved operating performance

The steady improvement in Greenlight Re’s operating performance in recent years has spurred AM Best to change its outlook on the Cayman Islands-based reinsurer to positive from stable, while the agency has also affirmed the Greg Richardson-led firm’s financial strength rating (FSR) of A- (Excellent).

GIC Re wins back A- AM Best rating on improved balance sheet strength

AM Best has upgraded the financial strength rating to A- (Excellent) from B++ (Good) of General Insurance Corporation of India (GIC Re) after an improvement in the reinsurer’s balance sheet strength fundamentals.

Moody’s upgrades Intact’s Canadian units to Aa3 and US units to A1

Moody’s Ratings has upgraded the insurance financial strength rating of Intact Financial’s principal Canadian insurance subsidiaries to Aa3 from A1 and the principal operating subsidiaries of Intact US Holdings to A1 from A2.

AM Best makes opposing rating review moves on Rural and Badger as mutuals agree affiliation

AM Best has placed its ratings on Rural Mutual Insurance Company under review with negative implications and those of Badger Mutual Insurance Company under review with positive implications after the two Wisconsin-based entities signed a definitive agreement to affiliate.

Chubb’s US and Bermuda operating subsidiaries upgraded to A2 by Moody’s

Moody’s Ratings has upgraded the insurance financial strength ratings of Chubb's principal US and Bermuda operating subsidiaries to Aa2 from Aa3, with the rating agency citing the insurer’s “strong and steady profitability with healthy capitalisation”.

AM Best goes negative on Farmers of Flemington over deteriorating results

AM Best has revised the outlooks on the A- financial strength and “a-” credit ratings of Farmers Insurance Company of Flemington from stable to negative, citing volatility in the New Jersey-based mutual’s results.

S&P: K2 posts $1.6bn revs and $83mn adj Ebitda in TTM to 30 June 2024

K2 Insurance Services generated total net revenue of around $237mn and gross premiums written of some $1.6bn in the 12 months to 30 June 2024, with the Bob Kimmel-led MGA platform’s adjusted Ebitda for the period totalling $83mn, according to S&P Global Ratings.

AM Best Rating Services names Gillard to succeed Mosher

AM Best has named James Gillard as the successor to Matt Mosher, the president and CEO of its ratings services business, who is retiring at the end of the year after almost 30 years with the company.

Pie ratings remain under review as AM Best assesses impact of commutation

The Pie Insurance Company’s A- financial strength rating and its a- long-term issuer credit remain under review with negative implications by AM Best as the agency assesses what impact the recent commutation undertaken by the workers’ compensation specialist has on its operations.

Eureka Re targets further international growth after getting A- FSR from Fitch

Eureka Re has set its sights on further expanding its international reach and is now in the process of registering in territories including Spain and China after the Rainmaker Group-owned reinsurer received an A- insurance financial strength (IFS) from Fitch.

AM Best puts Southern Trust under negative review on adverse loss reserve development

AM Best has placed under review with negative implications the A- financial strength rating and “a-“ long-term issuer credit rating of Southeast-focused commercial and personal lines writer Southern Trust Insurance Company following surplus erosion in the second quarter driven by adverse development.

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