Rating actions

Moody’s affirms PartnerRe’s rating on $9bn Covéa deal

Moody’s has affirmed the financial strength (IFS) ratings as well as the debt and preferred stock ratings of PartnerRe as a result of the proposed $9bn cash acquisition by Covéa.

Sirius shares plunge 17% as AM Best downgrades reinsurer to A-

Sirius International’s fears over the intervention of its parent China Minshing Investment Group (CMIG) to potentially block a proposed rights issue have been realised, with the financial strength ratings of the Bermudian’s operating subsidiaries downgraded by AM Best from A to A-.

S&P puts Sirius subsidiaries on negative credit watch over CMIG dispute

Rating agency Standard & Poor’s (S&P) has placed the core subsidiaries of Sirius International Group (Sirius) on credit watch with negative implications, after ultimate owner China Minsheng Insurance Group (CMIG) attempted to bar the Bermudian’s board from a share issuance.

Sirius ratings threat as owner intervenes ahead of proposed rights issue

Sirius has warned that it faces the possibility of a downgrade or withdrawal of its ratings after a move by its ultimate owner China Minsheng Investment Group that could block a proposed capital raise under consideration by the Bermudian’s board.

S&P goes positive on PartnerRe’s A+ rating after Covéa announcement

PartnerRe could benefit from a one notch upgrade of its S&P financial strength ratings within two years of its proposed $9bn cash acquisition by Covéa depending on a successful integration and continued progress toward sustainable, strong earnings as part of a larger group.

Pivoting Third Point Re hopeful of Q1 underwriting profitability

Third Point Re expects to report underwriting profit in the first quarter, with the reinsurer shifting away from retro quota share at 1.1 and building out its specialty book as it continues its transition away from the total return reinsurer model.

Argo downgraded by AM Best

AM Best has downgraded the financial strength ratings of a raft of Argo operating subsidiaries from A to A- with their long-term issuer credit ratings also cut from “a” to “a-” and the long-term ICRs of the Bermudian parent lowered from bbb to bbb-, among other actions.

ProAssurance’s ratings cut after performance drops and Norcal deal

Medical malpractice specialist ProAssurance has seen its ratings downgraded by AM Best on the back of a deterioration in its operating performance as well as its planned $450mn acquisition of Norcal Group.

ILS Capital’s Prospero Re restructures to write traditional reinsurance

Bermudian reinsurer Prospero Re has secured a financial strength rating from Kroll Bond Rating Agency as the ILS Capital Management subsidiary shifts its operating model to include traditional reinsurance.

Cincinnati credit rating upgraded on reserve releases

AM Best has upgraded Cincinnati Financial’s credit ratings because of improved operating performance resulting from consistent underwriting income and favourable reserve development.

AM Best goes negative on Amerisure after $53mn reserve development

Reserve strengthening has prompted AM Best to change the outlook to negative of its ratings of US mutual insurer Amerisure, which last year agreed a legacy deal with Enstar and Allianz Risk Transfer (ART) for construction defect losses.

Program start-up Incline gets AM Best rating for California acquisition

Program start-up Incline Insurance Group has secured an A- rating for its recently acquired admitted California subsidiary as it continues to build out a platform that is expected to add an E&S capability within the next year.

AM Best shifts Kemper outlook to positive

Rating agency AM Best has revised Kemper Corporation’s outlook to positive from stable, pointing towards its expectation that Kemper’s acquisition of Infinity will strengthen the Chicago-headquartered carrier’s position as one of the leading nonstandard auto writers in the US.

Acrisure revenues expected to top $2bn this year

Fast-growing broker consolidator Acrisure is expected to exceed total revenue of $2bn for full-year 2020, according to S&P Global Ratings.

Florida Family loses A- AM Best rating

AM Best has downgraded Florida Family Insurance Company (FFIC) from A- to B++ because of deteriorating underwriting results in the latest example of the mounting pressures on specialist homeowners insurers operating in the Sunshine State.

S&P Global upgrades Covéa rating to AA-

Rating agency S&P Global has raised the financial strength rating and issuer credit ratings of French mutual insurer Covéa, citing improved capital adequacy and a leading position in the French P&C market.

Avatar to buy Centauri in latest Florida M&A deal

Avatar Partners is set to buy Centauri National Insurance Company and Centauri Specialty Insurance Company in the latest of a flurry of Florida homeowners M&A transactions.

Florida – this time the squeeze is real

For the third time in four years, Florida’s homeowners insurance market is entering the first quarter in a state of great uncertainty as the deteriorating operating environment again brings the prospect of ratings downgrades in the crucial months leading up to the hurricane season.

Run-off warning as Demotech prepares to begin Florida downgrades

Demotech will this week begin issuing statements on the 46 Florida-focussed carriers it rates with the majority to be affirmed but a number set to be downgraded or to seek a sale to avoid that outcome, while others may end up in run-off.

Demotech issues downgrade threat as Florida homeowners pressure mounts

Demotech has warned that it could downgrade up to 19 Florida homeowners carriers once it has reviewed year-end 2019 financials as the deteriorating operating environment in the state continues to impair profitability.

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