< PreviousBest’s Credit Rating Actions 68 BEST’S REVIEW • OCTOBER 2022 Rating Action Business Type Company Name/ Ultimate ParentAMB# CurrentPrevious Domicile FSR ICR Outlook/ Implications FSR ICR Outlook/ Implications AMERICAS PROPERTY/CASUALTY (CONTINUED) DowngradeP Infinity County Mutual Insurance Co Kemper Corporation 003572 A-StableANegative Texas, USA a-StableaNegative DowngradeP Infinity Indemnity Insurance Company Kemper Corporation 011669 A-StableANegative Indiana, USA a-StableaNegative DowngradeP Infinity Insurance Company Kemper Corporation 002217 A-StableANegative Indiana, USA a-StableaNegative DowngradeP Infinity Preferred Insurance Company Kemper Corporation 011745 A-StableANegative Ohio, USA a-StableaNegative DowngradeP Infinity Safeguard Insurance Company Kemper Corporation 004941 A-StableANegative Ohio, USA a-StableaNegative Rating Withdrawal PInfinity Security Insurance Company002710 NRANegative Indiana, USA nraNegative DowngradeP Infinity Select Insurance Company Kemper Corporation 011252 A-StableANegative Indiana, USA a-StableaNegative DowngradeP Infinity Standard Insurance Company Kemper Corporation 000843 A-StableANegative Indiana, USA a-StableaNegative DowngradeP Kemper Financial Indemnity Company Kemper Corporation 002701 A-StableANegative Illinois, USA a-StableaNegative DowngradeP Kemper Independence Insurance Company Kemper Corporation 012213 A-StableANegative Illinois, USA a-StableaNegative Under Review P MDAdvantage Insurance Co of New Jersey MDAdvantage Holdings, Inc. 012539 A- uPositiveA-Stable New Jersey, USA a- uPositivea-Stable DowngradeP Merastar Insurance Company Kemper Corporation 003596 A-StableANegative Illinois, USA a-StableaNegative Outlook Change P Mid-Hudson Co-Operative Insurance Co Mid-Hudson Group 010714 A-NegativeA-Stable New York, USA a-Negativea-Stable Outlook Change P Midrox Insurance Company Mid-Hudson Group 010875 A-NegativeA-Stable New York, USA a-Negativea-Stable DowngradeP Mutual Savings Fire Insurance Company Kemper Corporation 003655 A-StableANegative Alabama, USA a-StableaNegative DowngradeP Old Reliable Casualty Company Kemper Corporation 003807 A-StableANegative Missouri, USA a-StableaNegative Initial Rating P Palms Specialty Insurance Company, Inc. NextEra Energy, Inc. 021278 A-Stable Delaware, USA a-Stable Initial Rating P Providence Washington Insurance Company Ambac Financial Group, Inc. 021146 A-StableNR Rhode Island, USA a-Stablenr Outlook Change P Reliable Lloyds Insurance Company Assurant, Inc. 011071 APositiveAStable Texas, USA a+Positivea+Stable DowngradeP Response Insurance Company Kemper Corporation 011946 A-StableANegative Illinois, USA a-StableaNegative DowngradeP Response Worldwide Direct Auto Ins Co Kemper Corporation 003045 A-StableANegative Illinois, USA a-StableaNegative DowngradeP Response Worldwide Insurance Company Kemper Corporation 000609 A-StableANegative Illinois, USA a-StableaNegative Under Review P Rockingham Casualty Company Rockingham Mutual Group, Inc. 001954 A uNegativeANegative Virginia, USA a uNegativeaNegative Under Review P Rockingham Insurance Company Rockingham Mutual Group, Inc. 001955 A uNegativeANegative Virginia, USA a uNegativeaNegative Outlook: Positive, Negative, Stable. Implications: Positive, Negative, Developing. Business Type: P = Property/Casualty (Nonlife); L = Life; H = Health; T = Title; C = Composite. Opinion Modifiers: u = Under Review; sf = Structured Finance; i = Indicative Credit Rating Modifier; s = Syndicate Credit Rating Modifier69 BEST’S REVIEW • OCTOBER 2022 Rating Action Business Type Company Name/ Ultimate ParentAMB# CurrentPrevious Domicile FSR ICR Outlook/ Implications FSR ICR Outlook/ Implications AMERICAS PROPERTY/CASUALTY (CONTINUED) Under Review P Rockingham Specialty, Inc. Rockingham Mutual Group, Inc. 020785 A uNegativeANegative Virginia, USA a uNegativeaNegative Outlook Change P Standard Guaranty Insurance Company Assurant, Inc. 002050 APositiveAStable Delaware, USA a+Positivea+Stable Outlook Change P StarStone National Insurance Company Core Specialty Insurance Holdings, Inc. 002512 A-PositiveA-Stable Delaware, USA a-Positivea-Stable Outlook Change P StarStone Specialty Insurance Company Core Specialty Insurance Holdings, Inc. 011432 A-PositiveA-Stable Delaware, USA a-Positivea-Stable UpgradeP Synergy Comp Insurance Company Synergy Holdings, Inc. 013809 AStableA-Positive Pennsylvania, USA aStablea-Positive Under Review P Transverse Insurance Company Virgo Transverse Core LLC 020631 A- uPositiveA-Stable Texas, USA a- uPositivea-Stable Under Review P Transverse Specialty Insurance Company Virgo Transverse Core LLC 020633 A- uPositiveA-Stable Texas, USA a- uPositivea-Stable DowngradeP Trinity Universal Insurance Company Kemper Corporation 002523 A-StableANegative Texas, USA a-StableaNegative Rating Withdrawal PUFB Casualty Insurance Company000527 NRAStable Indiana, USA nraStable DowngradeP Union National Fire Insurance Company Kemper Corporation 003199 A-StableANegative Louisiana, USA a-StableaNegative DowngradeP United Casualty Insurance Co of America Kemper Corporation 002533 A-StableANegative Illinois, USA a-StableaNegative DowngradeP Unitrin Advantage Insurance Company Kemper Corporation 012163 A-StableANegative New York, USA a-StableaNegative DowngradeP Unitrin Auto and Home Insurance Company Kemper Corporation 012560 A-StableANegative New York, USA a-StableaNegative DowngradeP Unitrin County Mutual Insurance Company Kemper Corporation 011055 A-StableANegative Texas, USA a-StableaNegative DowngradeP Unitrin Direct Insurance Company Kemper Corporation 011762 A-StableANegative Illinois, USA a-StableaNegative DowngradeP Unitrin Direct Property & Casualty Co Kemper Corporation 012212 A-StableANegative Illinois, USA a-StableaNegative DowngradeP Unitrin Preferred Insurance Company Kemper Corporation 012561 A-StableANegative New York, USA a-StableaNegative DowngradeP Unitrin Safeguard Insurance Company Kemper Corporation 003289 A-StableANegative Wisconsin, USA a-StableaNegative DowngradeP Valley Property & Casualty Insurance Co Kemper Corporation 011979 A-StableANegative Oregon, USA a-StableaNegative Rating Affirmation P Vault E&S Insurance Company CC VH Co-Invest LP 020586 A-NegativeA- uNegative Arkansas, USA a-Negativea- uNegative Rating Affirmation P Vault Reciprocal Exchange CC VH Co-Invest LP 020564 A-NegativeA- uNegative Florida, USA a-Negativea- uNegative Outlook Change P Virginia Surety Company, Inc. Assurant, Inc. 002314 APositiveAStable Illinois, USA a+Positivea+Stable Outlook Change P Voyager Indemnity Insurance Company Assurant, Inc. 002861 APositiveAStable Georgia, USA a+Positivea+Stable DowngradeP Warner Insurance Company Kemper Corporation 002028 A-StableANegative Illinois, USA a-StableaNegative Outlook: Positive, Negative, Stable. Implications: Positive, Negative, Developing. Business Type: P = Property/Casualty (Nonlife); L = Life; H = Health; T = Title; C = Composite. Opinion Modifiers: u = Under Review; sf = Structured Finance; i = Indicative Credit Rating Modifier; s = Syndicate Credit Rating ModifierBest’s Credit Rating Actions 70 BEST’S REVIEW • OCTOBER 2022 Rating Action Business Type Company Name/ Ultimate ParentAMB# CurrentPrevious Domicile FSR ICR Outlook/ Implications FSR ICR Outlook/ Implications EUROPE, MIDDLE EAST AND AFRICA Outlook Change C Dunav-Re a.d.o. Dunav osiguranje a.d.o. 093006 B+PositiveB+Stable Republic of Serbia bbb-Positivebbb-Stable Outlook Change PMutua de Riesgo Maritimo, Sociedad083690 B++NegativeB++Stable Spain bbbNegativebbbStable Rating Affirmation P Sigurd Rück AG Saipem S.p.A. 095043 B++StableB++ uNegative Switzerland bbb+Stablebbb+ uNegative ASIA-PACIFIC Initial Rating L Generali Life (Hong Kong) Limited Assicurazioni Generali S.p.A. 095892 AStableNR Hong Kong a+Stablenr DowngradePKorea P&I Club092701 B++StableA-Negative South Korea bbb+Stablea-Negative Implications Change L Partners Life Limited Partners Group Holdings Limited 091252 A- uPositiveA- uDeveloping New Zealand a- uPositivea- uDeveloping UpgradeP Singapore Reinsurance Corporation Ltd Fairfax Financial Holdings Limited 085224 AStableA-Stable Singapore aStablea-Stable AMERICAS Rating Affirmation P Grupo Mexicano de Seguros, S.A. de C.V. GMS Valore, S.A. de C.V. 077263 B++PositiveB++ uNegative Mexico bbb+Positivebbb+ uNegative Outlook Change P Guardian General Insurance Limited NCB Financial Group Limited 086364 A-StableA-Negative Trinidad and Tobago a-Stablea-Negative Outlook Change L Guardian Life of the Caribbean Limited NCB Financial Group Limited 084191 A-StableA-Negative Trinidad and Tobago a-Stablea-Negative Initial Rating P Hand-in-Hand Mutual Fire Ins Co Ltd Hand-in-Hand Mutual Fire Ins Co Ltd 074869 B++Stable Guyana bbb+Stable Initial Rating L Hand-in-Hand Mutual Life Asr Co Ltd Hand-in-Hand Mutual Fire Ins Co Ltd 074871 B++Stable Guyana bbb+Stable Under Review PIRB - Brasil Resseguros S.A.085590 A- uNegativeA-Negative Brazil a- uNegativea-Negative Initial Rating CReaseguradora Delta, S.A.074969 B++Stable Panama bbbStable Initial Rating P Spheric Assurance Company, Ltd. Global Insurance Group Holding Co, Inc. 076762 B++Stable British Virgin Islands bbbStable Holding Companies Rating ActionCompany NameAMB# CurrentPrevious Domicile FSR ICR Outlook/ Implications FSR ICR Outlook/ Implications Outlook Change Assurant, Inc.051156bbb+Positivebbb+StableDelaware, USA DowngradeKemper Corporation058711bbb-StablebbbNegativeDelaware, USA Outlook Change Guardian Holdings Limited087118bbb-Stablebbb-NegativeTrinidad and Tobago Outlook: Positive, Negative, Stable. Implications: Positive, Negative, Developing. Business Type: P = Property/Casualty (Nonlife); L = Life; H = Health; T = Title; C = Composite. Opinion Modifiers: u = Under Review; sf = Structured Finance; i = Indicative Credit Rating Modifier; s = Syndicate Credit Rating Modifier71 BEST’S REVIEW • OCTOBER 2022 GUIDE TO BEST’S FINANCIAL STRENGTH RATINGS – (FSR) A Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. An FSR is not assigned to specific insurance policies or contracts and does not address any other risk, including, but not limited to, an insurer’s claims-payment policies or procedures; the ability of the insurer to dispute or deny claims payment on grounds of misrepresentation or fraud; or any specific liability contractually borne by the policy or contract holder. An FSR is not a recommendation to purchase, hold or terminate any insurance policy, contract or any other financial obligation issued by an insurer, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. In addition, an FSR may be displayed with a rating identifier, modifier or affiliation code that denotes a unique aspect of the opinion. Best’s Financial Strength Rating (FSR) Scale Rating Categories Rating Symbols Rating Notches* Category Definitions Superior A+A++Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. ExcellentAA-Assigned to insurance companies that have, in our opinion, an excellent ability to meet their ongoing insurance obligations. GoodB+B++Assigned to insurance companies that have, in our opinion, a good ability to meet their ongoing insurance obligations. FairBB- Assigned to insurance companies that have, in our opinion, a fair ability to meet their ongoing insurance obligations. Financial strength is vulnerable to adverse changes in underwriting and economic conditions. MarginalC+C++ Assigned to insurance companies that have, in our opinion, a marginal ability to meet their ongoing insurance obligations. Financial strength is vulnerable to adverse changes in underwriting and economic conditions. WeakCC- Assigned to insurance companies that have, in our opinion, a weak ability to meet their ongoing insurance obligations. Financial strength is very vulnerable to adverse changes in underwriting and economic conditions. PoorD- Assigned to insurance companies that have, in our opinion, a poor ability to meet their ongoing insurance obligations. Financial strength is extremely vulnerable to adverse changes in underwriting and economic conditions. * Each Best’s Financial Strength Rating Category from “A+” to “C” includes a Rating Notch to reflect a gradation of financial strength within the category. A Rating Notch is expressed with either a second plus “+” or a minus “-”. Financial Strength Non-Rating Designations Designation Symbols Designation Definitions E Status assigned to insurers that are publicly placed, via court order into conservation or rehabilitation, or the international equivalent, or in the absence of a court order, clear regulatory action has been taken to delay or otherwise limit policyholder payments. FStatus assigned to insurers that are publicly placed via court order into liquidation after a finding of insolvency, or the international equivalent. S Status assigned to rated insurance companies to suspend the outstanding FSR when sudden and significant events impact operations and rating implications cannot be evaluated due to a lack of timely or adequate information; or in cases where continued maintenance of the previously published rating opinion is in violation of evolving regulatory requirements. NR Status assigned to insurance companies that are not rated; may include previously rated insurance companies or insurance companies that have never been rated by AM Best. Rating Disclosure – Use and Limitations A Best’s Credit Rating (BCR) is a forward-looking independent and objective opinion regarding an insurer’s, issuer’s or financial obligation’s relative creditworthiness. The opinion represents a comprehensive analysis consisting of a quantitative and qualitative evaluation of balance sheet strength, operating performance, business profile and enterprise risk management or, where appropriate, the specific nature and details of a security. Because a BCR is a forward-looking opinion as of the date it is released, it cannot be considered as a fact or guarantee of future credit quality and therefore cannot be described as accurate or inaccurate. A BCR is a relative measure of risk that implies credit quality and is assigned using a scale with a defined population of categories and notches. Entities or obligations assigned the same BCR symbol developed using the same scale, should not be viewed as completely identical in terms of credit quality. Alternatively, they are alike in category (or notches within a category), but given there is a prescribed progression of categories (and notches) used in assigning the ratings of a much larger population of entities or obligations, the categories (notches) cannot mirror the precise subtleties of risk that are inherent within similarly rated entities or obligations. While a BCR reflects the opinion of A.M. Best Rating Services, Inc. (AM Best) of relative creditworthiness, it is not an indicator or predictor of defined impairment or default probability with respect to any specific insurer, issuer or financial obligation. A BCR is not investment advice, nor should it be construed as a consulting or advisory service, as such; it is not intended to be utilized as a recommendation to purchase, hold or terminate any insurance policy, contract, security or any other financial obligation, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. Users of a BCR should not rely on it in making any investment decision; however, if used, the BCR must be considered as only one factor. Users must make their own evaluation of each investment decision. A BCR opinion is provided on an “as is” basis without any expressed or implied warranty. In addition, a BCR may be changed, suspended or withdrawn at any time for any reason at the sole discretion of AM Best. For the most current version, visit www.ambest.com/ratings/index.html. BCRs are distributed via the AM Best website at www.ambest.com. For additional information regarding the development of a BCR and other rating-related information and definitions, including outlooks, modifiers, identifiers and affiliation codes, please refer to the report titled “Guide to Best’s Credit Ratings” available at no charge on the AM Best website. BCRs are proprietary and may not be reproduced without permission. Copyright © 2022 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED. Version 121719 LEVERAGE YOUR BEST’S CREDIT RATING WITH A BESTMARK FOR RATED INSURERS 21.MK101GA Showcase your financial strength with a BestMark icon on your website and promotional materials. Your Company Rating Our Insight, Your Advantage ™ www.ambest.com (908) 439-2200Best’s Credit Rating Actions 72 BEST’S REVIEW • OCTOBER 2022 GUIDE TO BEST’S ISSUER CREDIT RATINGS – (ICR) A Best’s Issuer Credit Rating (ICR) is an independent opinion of an entity’s ability to meet its ongoing financial obligations and can be issued on either a long- or short-term basis. A Long-Term ICR is an opinion of an entity’s ability to meet its ongoing senior financial obligations, while a Short-Term ICR is an opinion of an entity’s ability to meet its ongoing financial obligations with original maturities generally less than one year. An ICR is an opinion regarding the relative future credit risk of an entity. Credit risk is the risk that an entity may not meet its contractual financial obligations as they come due. An ICR does not address any other risk. In addition, an ICR is not a recommendation to buy, sell or hold any securities, contracts or any other financial obligations, nor does it address the suitability of any particular financial obligation for a specific purpose or purchaser. An ICR may be displayed with a rating identifier or modifier that denotes a unique aspect of the opinion. Best’s Long-Term Issuer Credit Rating (Long-Term ICR) Scale Rating Categories Rating Symbols Rating Notches* Category Definitions Exceptionalaaa-Assigned to entities that have, in our opinion, an exceptional ability to meet their ongoing senior financial obligations. Superior aaaa+ / aa-Assigned to entities that have, in our opinion, a superior ability to meet their ongoing senior financial obligations. Excellentaa+ / a-Assigned to entities that have, in our opinion, an excellent ability to meet their ongoing senior financial obligations. Goodbbbbbb+ / bbb-Assigned to entities that have, in our opinion, a good ability to meet their ongoing senior financial obligations. Fairbbbb+ / bb- Assigned to entities that have, in our opinion, a fair ability to meet their ongoing senior financial obligations. Credit quality is vulnerable to adverse changes in industry and economic conditions. Marginalbb+ / b- Assigned to entities that have, in our opinion, a marginal ability to meet their ongoing senior financial obligations. Credit quality is vulnerable to adverse changes in industry and economic conditions. Weakcccccc+ / ccc- Assigned to entities that have, in our opinion, a weak ability to meet their ongoing senior financial obligations. Credit quality is vulnerable to adverse changes in industry and economic conditions. Very Weakcc- Assigned to entities that have, in our opinion, a very weak ability to meet their ongoing senior financial obligations. Credit quality is very vulnerable to adverse changes in industry and economic conditions. Poorc- Assigned to entities that have, in our opinion, a poor ability to meet their ongoing senior financial obligations. Credit quality is extremely vulnerable to adverse changes in industry and economic conditions. * Best’s Long-Term Issuer Credit Rating Categories from “aa” to “ccc” include Rating Notches to reflect a gradation within the category to indicate whether credit quality is near the top or bottom of a particular Rating Category. Rating Notches are expressed with a “+” (plus) or “-” (minus). Best’s Short-Term Issuer Credit Rating (Short-Term ICR) Scale Rating Categories Rating Symbols Category Definitions StrongestAMB-1+Assigned to entities that have, in our opinion, the strongest ability to repay their short-term financial obligations. Outstanding AMB-1Assigned to entities that have, in our opinion, an outstanding ability to repay their short-term financial obligations. SatisfactoryAMB-2Assigned to entities that have, in our opinion, a satisfactory ability to repay their short-term financial obligations. AdequateAMB-3 Assigned to entities that have, in our opinion, an adequate ability to repay their short-term financial obligations; however, adverse industry or economic conditions likely will reduce their capacity to meet their financial commitments. QuestionableAMB-4 Assigned to entities that have, in our opinion, questionable credit quality and are vulnerable to adverse economic or other external changes, which could have a marked impact on their ability to meet their financial commitments. Long- and Short-Term Issuer Credit Non-Rating Designations Designation Symbols Designation Definitions dStatus assigned to entities (excluding insurers) that are in default or when a bankruptcy petition or similar action has been filed and made public. e Status assigned to insurers that are publicly placed, via court order into conservation or rehabilitation, or the international equivalent, or in the absence of a court order, clear regulatory action has been taken to delay or otherwise limit policyholder payments. fStatus assigned to insurers that are publicly placed via court order into liquidation after a finding of insolvency, or the international equivalent. s Status assigned to rated entities to suspend the outstanding ICR when sudden and significant events impact operations and rating implications cannot be evaluated due to a lack of timely or adequate information; or in cases where continued maintenance of the previously published rating opinion is in violation of evolving regulatory requirements. nrStatus assigned to entities that are not rated; may include previously rated entities or entities that have never been rated by AM Best. Rating Disclosure: Use and Limitations A Best’s Credit Rating (BCR) is a forward-looking independent and objective opinion regarding an insurer’s, issuer’s or financial obligation’s relative creditworthiness. The opinion represents a comprehensive analysis consisting of a quantitative and qualitative evaluation of balance sheet strength, operating performance, business profile and enterprise risk management or, where appropriate, the specific nature and details of a security. Because a BCR is a forward-looking opinion as of the date it is released, it cannot be considered as a fact or guarantee of future credit quality and therefore cannot be described as accurate or inaccurate. A BCR is a relative measure of risk that implies credit quality and is assigned using a scale with a defined population of categories and notches. Entities or obligations assigned the same BCR symbol developed using the same scale, should not be viewed as completely identical in terms of credit quality. Alternatively, they are alike in category (or notches within a category), but given there is a prescribed progression of categories (and notches) used in assigning the ratings of a much larger population of entities or obligations, the categories (notches) cannot mirror the precise subtleties of risk that are inherent within similarly rated entities or obligations. While a BCR reflects the opinion of A.M. Best Rating Services, Inc. (AM Best) of relative creditworthiness, it is not an indicator or predictor of defined impairment or default probability with respect to any specific insurer, issuer or financial obligation. A BCR is not investment advice, nor should it be construed as a consulting or advisory service, as such; it is not intended to be utilized as a recommendation to purchase, hold or terminate any insurance policy, contract, security or any other financial obligation, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. Users of a BCR should not rely on it in making any investment decision; however, if used, the BCR must be considered as only one factor. Users must make their own evaluation of each investment decision. A BCR opinion is provided on an “as is” basis without any expressed or implied warranty. In addition, a BCR may be changed, suspended or withdrawn at any time for any reason at the sole discretion of AM Best. For the most current version, visit www.ambest.com/ratings/index.html. BCRs are distributed via the AM Best website at www.ambest.com. For additional information regarding the development of a BCR and other rating-related information and definitions, including outlooks, modifiers, identifiers and affiliation codes, please refer to the report titled “Guide to Best’s Credit Ratings” available at no charge on the AM Best website. BCRs are proprietary and may not be reproduced without permission. Copyright © 2022 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED. Version 121719GET THE BEST PERSPECTIVE FOR NAVIGATING RISK Best’s Financial Strength Ratings • Best’s Issuer Credit Ratings Best’s Issue Credit Ratings • Best’s Rating Evaluation Service Best’s Rating Assessment Service • Best’s Preliminary Credit Assessment Best’s Performance Assessment for Delegated Underwriting Authority Enterprises Our Insight, Your Advantage ™ Learn More: www.ambest.com (908) 439-2200 22.MK132E 22.MK132E_CorpBrnadingAd_Lighthouse_with_QR_Code.indd 18/8/2022 10:21:05 AM74 BEST’S REVIEW • OCTOBER 2022 Corporate Changes LIFE/HEALTH Merger Wing Re IV Inc. (AMB# 020693), Jefferson City, MO, USA. This company merged with and into Wing Re Inc. on March 1, 2022. Name Changes Great-West Life & Annuity Insurance Co. (AMB# 006981), Greenwood Village, CO, USA. This company changed its name to Empower Annuity Insurance Company of America on Aug. 1, 2022. Great-West Life & Annuity Insurance Company of New York (AMB# 008257), New York, NY, USA. This company changed its name to Empower Life & Annuity Insurance Company of New York on Aug. 1, 2022. Guggenheim Life and Annuity Co. (AMB# 009504), Wilmington, DE, USA. This company changed its name to Clear Spring Life and Annuity Co. on May 31, 2022. Principal Life Insurance Company of Iowa (AMB# 060675), Burlington, VT, USA. This company changed its name to Principal Reinsurance Company of Vermont II on April 1, 2022. Reinsurance Company of Missouri Inc. (AMB# 050061), Chesterfield, MO, USA. This company changed its name to RGA Life and Annuity Insurance Co. on July 1, 2022. Rx Life Insurance Co. (AMB# 008946), Scottsdale, AZ, USA. This company changed its name to Fortitude U.S. Reinsurance Co. on April 18, 2022. Acquisition & Ownership Change John Alden Life Insurance Co. (AMB# 006600), Scottsdale, AZ, USA. This company was acquired by 21st Century Life and Health Co. Inc. from Interfinancial Inc., a subsidiary of Assurant Inc., on April 1, 2022. Domiciliary Changes Clear Spring Life Insurance Co. (AMB# 061888), Wilmington, DE, USA. This company redomesticated to Delaware from Texas on June 27, 2022. John Alden Life Insurance Co. (AMB# 006600), Scottsdale, AZ, USA. This company redomesticated to Arizona from Wisconsin on April 1, 2022. Principal Reinsurance Company of Vermont II (AMB# 060675), Burlington, VT, USA. This company converted from an Iowa-licensed life insurance company to a Vermont special-purpose captive on April 1, 2002. PROPERTY/CASUALTY Mergers Family Security Insurance Co. Inc. (AMB# 014985), St. Petersburg, FL, USA. This company merged with and into United Property & Casualty Insurance Co. on May 31, 2022. Journey Insurance Co. (AMB# 020596), St. Petersburg, FL, USA. This company merged with and into American Coastal Insurance Co. on June 1, 2022. Name Changes ADM Insurance Co. (AMB# 021330), Phoenix, AZ, USA. This company converted from a stock insurer to a reciprocal insurer and changed its name to Kin Interinsurance Nexus on June 1, 2022. Aetna Insurance Company of Connecticut (AMB# 011023), Chicago, IL, USA. This company changed its name to Inverin Insurance Co. on July 7, 2022. Mergers, Acquisitions, State Actions and Domiciliary, Name and Ownership Changes John Alden Life, Lightning Rod Mutual and Inverin Insurance are among the U.S. life/health and property/casualty insurers that have experienced a corporate change.75 BEST’S REVIEW • OCTOBER 2022 American Physicians Assurance Corp. (AMB# 021406), Columbia, SC, USA. This company changed its name to Openly Insurance Co. on June 1, 2022. Centerline Property and Casualty Insurance Co. (AMB# 018869), Knoxville, TN, USA. This company changed its name to Centerline Insurance Co. on June 10, 2022. Farmers Mutual Insurance Company of Warren County (AMB# 010191), Warrenton, MO, USA. This company changed its name to Bent Oak Mutual on May 27, 2022. First Specialty Insurance Corp. (AMB# 010783), Jefferson City, MO, USA. This company changed its name to Swiss Re Corporate Solutions Capacity Insurance Corp. on Aug. 1, 2022. Illinois State Bar Association Mutual Insurance Co. (AMB# 011236), Chicago, IL, USA. This company changed its name to ISBA Mutual Insurance Co. on July 18, 2022. Reamstown Mutual Insurance Co. (AMB# 004744), New Holland, PA, USA. This company changed its name to Lancaster Mutual Insurance Co. on April 11, 2022. Texas Heritage Insurance Co. (AMB# 013135), Brenham, TX, USA. This company changed its name to Germania Property & Casualty Insurance Co. on June 21, 2022. Acquisitions & Ownership Changes Aetna Insurance Company of Connecticut (AMB# 011023), Hartford, CT, USA. This company was acquired by Continental Casualty Co. from AHP Holdings Inc., a subsidiary of Aetna Life Insurance Co., on July 1, 2022. American Physicians Assurance Corp. (AMB# 003670), Columbia, SC, USA. This company was acquired as a clean shell by Openly LLC from The Doctors Company, An Interinsurance Exchange on May 31, 2022. American Sentinel Insurance Co. (AMB# 004740), Harrisburg, PA, USA. This company was acquired as a clean shell by iptiQ Americas Inc. from Aegis Security Insurance Co. on June 30, 2022. Digital Affect Insurance Co. (AMB# 020646), New York, NY, USA. This company was acquired by Coalition Inc. from Munich Re Digital Partners US Holding Corp. on Aug. 15, 2022. Infinity Security Insurance Co. (AMB# 002710), Indianapolis, IN, USA. This company was acquired as a clean shell by Transverse Specialty Insurance Co. from Infiniti Insurance Co. on Aug. 1, 2022. Lightning Rod Mutual Insurance Co. (AMB# 002284), Wooster, OH, USA. Effective Jan. 1, 2022, the company changed its organizational structure from a mutual insurance company to a mutual-holding-company-owned stock insurance company. Under this structure, the company converted to a stock insurer, retained its name and became a wholly owned subsidiary of a newly organized holding company, WRG Holdings Inc. WRG Holdings Inc. is a wholly owned subsidiary of WRG Mutual Insurance Holding Co. Sonnenberg Mutual Insurance Co. (AMB# 010708), Wooster, OH, USA. Effective Jan. 1, 2022, the company changed its organizational structure from a mutual insurance company to a mutual-holding-company-owned stock insurance company. Under this structure, the company converted to a stock insurer, retained its name and became a wholly owned subsidiary of a newly organized holding company, WRG Holdings Inc. WRG Holdings Inc. is a wholly owned subsidiary of WRG Mutual Insurance Holding Co. Western Reserve Mutual Casualty Co. (AMB# 002285), Wooster, OH, USA. Effective Jan. 1, 2022, the company changed its organizational structure from a mutual insurance company to a mutual-holding-company- owned stock insurance company. Under this structure, the company converted to a stock insurer, retained its name and became a wholly owned subsidiary of a newly organized holding company, WRG Holdings Inc. WRG Holdings Inc. is a wholly owned subsidiary of WRG Mutual Insurance Holding Co. State Actions Americas Insurance Co. (AMB# 004030), Baton Rouge, LA, USA. This company was placed into insolvent liquidation on June 23, 2022. Weston Property & Casualty Insurance Co. (AMB# 012687), Coral Gables, FL, USA. This company was placed into insolvent liquidation on Aug. 8, 2022. Domiciliary Change Inverin Insurance Co. (AMB# 011023), Chicago, IL, USA. This company redomesticated to Illinois from Connecticut on July 7, 2022. BR76 BEST’S REVIEW • OCTOBER 2022 Preferred Publisher Program AM Best’s Preferred Publisher Participants In Other News ... A roundup of news from publishers around the globe. Access to some sites may require registration or subscription. Artemis | www.artemis.bm Lines between third-party and traditional re/insurance capital continue to blur Asia Insurance Review | www.asiainsurancereview.com Asia: Reinsurers face COVID-19, inflation and climate risk Auto Insurance Report | https://riskinformation.com/ Dreams of Iowa Stability Tested Time and Again by Raging Storms Benefits Pro | www.benefitspro.com/ Biden’s student-loan relief adds to inflation debate Bermuda: Re+ILS | www.bermudareinsurancemagazine.com/ Report highlights man-made crises in property insurance Business Insurance | www.businessinsurance.com Employer can’t compel injured worker to disclose immigration status Captive Insurance Times | www.captiveinsurancetimes.com/ New Vermont Law Allows Captives to Enter Parametric Contracts Captive International | www.captiveinternational.com/ Cayman Finance appoints new CEO Carrier Management | www.carriermanagement.com Amazon and Netflix: Role Models for Insurers? Really? Claims Journal | www.claimsjournal.com/ Floods, Other Water-Related Disasters Could Cost Global Economy $5.6 Trillion by 2050 Claims Magazine | propertycasualty360.com/claims-magazine/current-issue $308.6 billion: The real annual cost of insurance fraud in the U.S. Commercial Risk | www.commercialriskonline.com/ China-US tensions pose major threat to supply chains Commercial Risk Europe | www.commercialriskonline.com/cr-europe Risk managers want further strategic input Emerging Risks | https://emergingrisks.co.uk/ Sea Level Rise Now Inevitable Forbes Advisor | www.forbes.com/advisor/ How To Prepare For The Next Hurricane Global Reinsurance | www.globalreinsurance.com/ Global reinsurers split on nat cat risk Global Risk Manager | www.commercialriskonline.com/global-risk-manager Big four reinsurers see price firming continue at mid-year renewals Health Payer Specialist | www.healthpayerspecialist.com Protests Begin on $100B Calif Medicaid Award Inside P&C | www.insidepandc.com/ Book tax presents more accounting headache for insurers than financial impact Insurance & Investment Journal | https://insurance-portal.ca/ Luxury vehicles: Insured may be paying the price for a lackadaisical approach Insurance Age | www.insuranceage.co.uk/ Threat intelligence – the new battleground for cyber Insurance Asset Risk | www.insuranceassetrisk.com/ Swedish insurer harbours ‘Danish ship’ in its general account Insurance Insider | www.insuranceinsider.com/ Opinion: It’s time for insurance to shout from the rooftops on apprenticeships Insurance Journal | www.insurancejournal.com/magazines/ Beyond Zeros and Ones: When Cyber Attacks Become Physical Insurance Post | www.postonline.co.uk/ Brokers and insurers must work together to deliver on consumer duty Insurance Times | www.insurancetimes.co.uk/ FCA’s price walking rules leading to higher renewal prices for insureds – Which? InsuranceAsia News | insuranceasianews.com/ Insurers Still See Hong Kong as China Gateway InsuranceERM | www.insuranceerm.com/ Eiopa chair sends warning over unit-linked products Intelligent Insurer | www.intelligentinsurer.com/ Cryptocurrency: nascent tech is already a ‘top risk’ for re/insurers Life Annuity Specialist | www.lifeannuityspecialist.com U.S. Insurers Have a Mortality Problem That’s Not Going Away Middle East Insurance Review | www.meinsurancereview.com/ Takaful: Several factors challenge sector’s growth and development National Underwriter P/C | www.propertycasualty360.com/ national-underwriter-property-casualty/issue-gallery Teaming with Policyholders to Reduce Auto Losses P&C Specialist | www.pandcspecialist.com/ What Regulators Are Saying in Their Charged Critiques of Auto Rate Hikes Property Insurance Report | https://riskinformation.com/ Nevada Fired Up to Try Mitigation Incentives and Restrict Credit Use Reinsurance News | www.reinsurancene.ws/ Freddie Mac adds 17 new re/insurers and investors in record H1 Retirement Income Journal | https://retirementincomejournal. com/article/welcome-to-rijadvisor/ A Recession’s Threat to Retirees and Near Retirees Risk & Insurance | riskandinsurance.com/ The Ins and Outs of Fertility Benefits: How Employers Can Attract Talent and Strengthen Employee Relationships Risk.Net | www.risk.net/ Credit checks, what credit checks? How crypto lending ate itself The Insurer | www.theinsurer.com/ Pakistan disaster puts spotlight back on flooding Thompson’s World Insurance News | http://thompsonsnews.com/ Quebec brokers wary of signage bill Publications and sites listed above are participants in AM Best’s Preferred Publisher Program. www.ambest.com/sales/preferredpublisher77 BEST’S REVIEW • OCTOBER 2022 Industry UpdatesIndustry Updates AM Best Assigns Performance Assessment to Delta International Limited’s Affiliates Since launching in 2014, Delta has recorded profitable underwriting results across a variety of liability lines in the Asia-Pacific region, along with property coverage only in New Zealand. A M Best has assigned a Performance Assessment of PA-2 (Excellent) to Delta Insurance New Zealand Limited (New Zealand), Delta Underwriting Private Limited (Singapore), and Delta Property Insurance Limited (New Zealand). The companies are assessed on a consolidated basis under their parent, Delta International Limited (Delta). The outlook assigned to the Performance Assessment (assessment) is stable. This assessment reflects Delta’s strong underwriting capabilities, excellent governance and internal controls, strong financial condition, excellent organizational talent, and strong depth and breadth of relationships. In AM Best’s view, these three affiliated companies exhibit a number of commonalities with one another and are regarded as strategically and financially important to Delta, providing access to business in certain geographic jurisdictions in the Asia Pacific region. The organization was founded in 2014 with local ownership and operates from offices in New Zealand, Australia and Singapore. Since launching in 2014, Delta has recorded profitable underwriting results across a variety of liability lines in the Asia Pacific region, along with property coverage only in New Zealand. Underwriting capabilities are strengthened further from Delta’s in-house underwriting staff and claims handling. Delta has a well-developed technology base that provides insurance services that has allowed the organization to advance its gross premium writings annually and expand coverage options. AM Best considers Delta’s governance and internal controls to be excellent. Delta has implemented a sophisticated framework for selection for capacity providers, which elevates the products and coverage it can provide to its policyholders. The ability to provide these products is complemented by Delta’s extensive use of internal audits, policies, procedures, quality reviews, and monitoring. AM Best assesses Delta’s financial condition as strong. Delta has shown a record of profitable operations since inception, with stable income sources and continued positive net worth. Earnings are allocated generally to reinvestment into operations. Results indicate replicability during periods of scaling premium, policyholder counts or geographic expansion. The organization does not retain any insurance risk. Delta’s senior management is highly experienced across the lines of business and geographic region in which the group operates. The knowledge and training base within Delta further benefits underwriting capabilities. AM Best would expect the quality and quantity of Delta’s staff to develop and increase appropriately as the organization continues to grow. AM Best assesses Delta’s depth and breadth of relationships as strong. While Delta has a relatively compact history, most capacity providers have partnered with the organization since its founding. Multiple programs across a wide-ranging footprint provide appropriate diversification. The longer-term ability of Delta to retain and sustain relationships has opportunity for advancement and development. —Best’s Review Staff “AM Best assesses Delta’s financial condition as strong. Delta has shown a record of profitable operations since inception, with stable income sources and continued positive net worth.”Next >