Ratings actions
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The firm received a long-term ICR of a- and the outlook for both ratings is stable.
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The upgrade noted consistent underwriting gains and investment returns, and a CoR below peers.
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The ratings agency said the reinsurer had a “very weak” balance sheet.
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Operating entity Lancashire Insurance Company Limited, based in Bermuda and the US, has a long-term ICR of a+ while parent company Lancashire Holdings Limited has a long-term ICR of bbb+.
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The agency cited the segment’s sustained growth and performance on a global basis but noted tight capacity for certain risks and uncertainty looming over the fronting market as offsetting factors.
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The ratings agency expects around 10% of ratings could change with more upgrades than downgrades.
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The revised status follows the recent announcement that R&Q Insurance Holdings has agreed a sale of its Accredited program.
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The ratings agency said the rating reflected the firm's consolidated balance-sheet strength.
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The ratings agency said the rating reflected the “strategic importance” of the subsidiary to the group.
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Fitch has also upgraded Generali's Long-Term Issuer Default Rating to A from A-.
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The ratings agency said the improvement was a result of “high pricing discipline driving a hard market, rising investment yields and a strong demand for reinsurance protection”.
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In May, S&P Global Ratings estimated that its proposed new criteria for its insurer ratings methodology will lead to rating actions on up to 10% of rated carriers, but Litmus Analysis has stated that it expects that this estimate is not intended to represent the upper limit of possible rating changes.
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The ratings agency believes Munich Re will defend its “excellent” competitive position and conservative capital management over the next two years
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The agency said the ratings reflect the firm's “very strong” consolidated balance sheet, as well as its adequate operating performance.
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The ratings agency recognised the Corporation’s efforts to improve the resilience of its balance sheet.
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The ratings agency is currently in discussions with Clear Blue’s management regarding the company’s ability to replace certain programs or letters of credit.
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London D&F underwriters are seeing rate rises of 15% on average on clean business, while loss-affected accounts are seeing their rates double.
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The upgraded rating reflects the reinsurer’s balance sheet strength, assessed as very strong.
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S&P published its first consultation on proposed changes to its risk-based capital adequacy methodology in December 2021.
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The ratings agency has placed under review with developing implications CCR Re’s A financial strength ratings, as well as its credit ratings.
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The ratings agency also affirmed the financial strength rating of A and the long-term issuer credit rating of “a” for Fidelis and its subsidiaries.
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The group’s operating results have improved, but the ratings agency warned that further action could be taken if risk-adjusted capital levels did not rise.
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The agency said the financial strength ratings downgrade reflected a revision in its assessment of Qatar Insurance Company’s operating performance from strong to adequate.
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The agency has also cut the carrier’s long-term issuer default rating to A-.
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