Rating actions

Germantown Mutual downgraded to A- on performance volatility

AM Best has downgraded the financial strength rating of Wisconsin-based Germantown Mutual Insurance Company to A- (Excellent) from A (Excellent), citing volatility in key operating performance metrics in recent years.

Fronting carrier Southlake has FSC raised to VIII by AM Best

Southlake Financial Group’s admitted carrier and its surplus lines platform have both been moved up one level in AM Best’s financial size category to VIII from VII.

ASR Re receives BBB+ financial strength rating from Fitch

Africa Specialty Risks Re has received an insurer financial strength rating of BBB+ with a positive outlook from Fitch Ratings.

AM Best places The General under positive review on Sentry takeover news

AM Best has placed the credit ratings of The General under review with positive implications, following Sentry’s deal to acquire the auto insurer from American Family Insurance Group.

Fitch: E&S premium growth will continue but will be “less broad-based”

The growth of the excess and surplus lines market will continue but will be less broad-based across lines, Fitch has commented, with the rating agency also expecting the segment to remain at an underwriting profit in 2024 and 2025.

AM Best places Texas-based mutual Germania under review

AM Best has placed under review with negative implications the financial strength rating of B (Fair) of Germania Farm Mutual Insurance Association and its subsidiaries following “significant underwriting and operating losses”.

Texas Farm Bureau’s FSR cut to B++ by AM Best after severe weather erodes surplus

The Texas Farm Bureau Insurance Group has had its financial strength rating (FSR) downgraded to B++ from A- by AM Best after its policyholder surplus fell by 21.5 percent through the first half of 2024 on the back of severe weather-related underwriting losses.

Moody’s upgrades UK P&C insurance segment to stable

Moody’s Ratings has upgraded its outlook for UK P&C insurance companies to stable from negative, noting that personal lines pricing has risen to a sufficient level to absorb claims inflation.

Moody’s: Alliant reported TTM revenue of $4.5bn through June 2024

Alliant grew its revenue to $4.5bn for the 12 months up to the end of June 2024, according to Moody’s, which revealed the figure while rating the broker’s $3bn of new debt.

AM Best places Oregon Mutual’s A- rating under review on surplus erosion

AM Best revises outlook on IRB’s A- rating to stable on improved capitalisation

AM Best has revised the outlook to stable from negative on IRB-Brasil Resseguros’s A- rating following the completion of a capitalisation offer.

Fitch revises global reinsurance sector outlook to neutral as margins stabilise

Fitch Ratings has revised its outlook on the global reinsurance sector to neutral from improving, with the rating agency highlighting that this does not constitute a downgrade as the sector has stabilised at a better position compared to last year.

S&P affirms stable reinsurance sector outlook despite US casualty concerns

S&P Global Ratings has maintained its stable view on the global reinsurance sector for a second consecutive year, after deciding against an upgrade to positive due to persistent concerns around US liability loss reserves.

Moody’s reinsurance outlook goes positive on healthier risk-return dynamics

Moody’s has confirmed its positive outlook for the global reinsurance sector as reduced exposure to high-frequency, lower-severity natural catastrophe events has supported healthier risk/return dynamics and expectations for continued strong profitability.

New Florida reciprocal Trident secures BBB KBRA rating

KBRA has assigned a BBB insurance financial strength rating to Trident Reciprocal Exchange, a new Florida carrier set up with a $27mn surplus note that has already been approved for a Citizens takeout.

AM Best cuts IMT’s FSR to A- after surplus drops on weather-related losses

A “significant deterioration” in IMT Insurance Company’s balance sheet strength metrics that included a weather losses-related 30 percent decrease in its policyholders’ surplus though H1 2024 has led AM Best to cut the Iowa-based carrier’s financial strength rating by one notch to A-.

Bridgehaven gets A- FSR AM Best affirmation as build-out continues

AM Best has affirmed the A- financial strength rating (FSR) of Bridgehaven Specialty UK as it said it expects the start-up hybrid fronting carrier to maintain the strongest level of consolidated risk-adjusted capitalization during its build-out.

Core Specialty P&C and surety operations upgraded to A by AM Best

AM Best has upgraded Core Specialty’s P&C and surety operations’ financial strength ratings to A, reflecting continued improvement in the firm’s product and geographical diversification through acquisitions and organic growth initiatives.

KBRA: Clear Blue “strengthened and business thriving” post-Vesttoo

Clear Blue has “leveraged lessons learned” from the Vesttoo scandal last year and its reputation and market position have remained intact while business is thriving, KBRA has commented while affirming the fronting carrier’s ratings.

Omaha National to write CA comp on its own AM Best-rated paper

Omaha National has secured an A- AM Best financial strength rating for its Omaha National Casualty Company subsidiary and will initially write California workers' compensation business directly onto the insurer that was previously written through a fronting carrier, understood to be Palomar.