LONDON: Although disputes around non-damage business interruption (BI) cover, which made 2020 a difficult year for U.K. commercial property insurers, should subside in 2021, challenges remain for a sector that needs to rebuild its reputation among its small- to medium-sized enterprise (SME) clients. In a new Best’s Commentary, “UK Commercial Property Insurers —Looking Beyond a…
Category: Ratings
Corporate Ratings, Insurance Ratings, S&P, Moody’s, Fitch
Moody’s upgrades Sbanken ASA’s deposit rating to A2
OSLO: Moody’s Investor Service has upgraded Sbanken’s rating for long-term deposits to A2 from A3, with the outlook remaining – Positive. The upgrade is driving by the expectation that the bank will issue additional loss-absorbing instruments, mainly in the form of senior non-preferred (SNP) debt), following the receipt of Minimum Requirement for Own Funds and…
Polyus’ MSCI ESG rating re-affirmed as A
LONDON: PJSC Polyus announced that MSCI has confirmed the Company’s rating as an A for the second year in a row. In the report, MSCI highlights Polyus’ leading position among global precious metals players in terms of health & safety, water stress, and biodiversity & land use, whilst the Company is not listed as a…
Surge in telehealth usage as pandemic transforms health care delivery
NEW YORK: Year 2020 was arguably the most eventful year on record for telehealth as the COVID-19 pandemic accelerated the use of video-enabled visits by individuals and providers. As noted in the AM Best’s Special Report, “Telehealth Claim Surge from Pandemic Transforms Healthcare Delivery,” a recent industry survey found that just one-quarter of respondents said…
Credit Ratings of Fidelity Life Assurance Company Limited
SINGAPORE: Based on its very strong balance sheet, Insurance sector rating agency AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Fidelity Life Assurance Company Limited of New Zealand. The stable outlook ratings reflect Fidelity Life’s balance sheet strength, which AM Best categorises as…
Credit ratings of OneMain Holdings’ insurance subsidiaries
OLDWICK: Insurance sector raatng agency, AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of American Health and Life Insurance Company (Fort Worth, TX) and Triton Insurance Company (Fort Worth, TX). Both companies are wholly owned subsidiaries of OneMain Holdings Inc.. The outlook of these…
Fitch affirms QIIB strong rating at ‘A’ with a stable outlook
DOHA: Global credit rating agency Fitch published the Qatar International Islamic Bank (QIIB)’s full rating report which demonstrating the same QIIB’s strong rating at ‘A’ with a stable outlook. This is based on the Bank’s financial statements at the end of the third quarter of 2020, which attests to the fact that QIIB has maintained…
Stable market segment outlook on U.S. personal lines insurance industry
OLDWICK: Global insurance sector rating agency, AM Best is maintaining a stable market segment outlook on the U.S. personal lines insurance segment for 2021, due to the segment’s strong risk-adjusted capitalization and profitable underwriting performance in private passenger automobile, as well as underwriting actions benefiting the homeowners segment. In its new Best’s Market Segment Report,…
Moody’s upgrades ITT Inc. ratings
WHITE PLAINS: Moody’s Investors Service upgraded its rating for ITT Inc. (NYSE: ITT) and its subsidiaries, including the company’s senior unsecured debt rating to Baa2 from Baa3, and its short-term commercial paper rating to Prime-2 (P-2) from Prime-3 (P-3). In their press release, Moody’s noted the ratings upgrades reflect Moody’s expectation that ITT will sustain…
Moody’s downgrades Standard Bank Group and Standard Bank of South Africa Limited
LONDON: Moody’s Investors Service downgraded the long-term issuer rating of the holding company, Standard Bank Group Limited (SBG) from Ba2 to Ba3. The rating agency also downgraded The Standard Bank of South Africa Limited’s (“SBSA”) long-term local and foreign currency deposit ratings from Ba1 To Ba2 and affirmed the NSR long-term bank deposit rating. The…
Moody’s downgrades Crown Resorts’ rating
MELBOURNE: Moody’s Investors Service (Moody’s) has downgraded Crown Resorts Limited (CWN) issuer rating from Baa2 to Baa3 and that the rating remains on review for downgrade. As a result of the downgrade, there will be an increase in the interest cost associated with Crown’s Euro Medium Term Notes of approximately USD 1 million per annum….
U.S. automobile insurance market benefits from reduced driving in Pandemic
OLDWICK: As there were fewer vehicles on the roads, the underwriting profitability and pretax returns in the U.S. private passenger nonstandard automobile insurance segment through the first half of 2020 improved, suggests a report issued by global rating agency AM Best. The report titled, “Events of 2020 Impacting Nonstandard Auto Market Performance,” states that the…