Ratings Roundup: UNUM, Continental Re, Grupo Nacional, Seguros ING

A.M. Best Co. has affirmed the financial strength rating of ‘A-’ (Excellent) and the issuer credit rating of “a-” of UK-based UNUM Limited with a negative outlook. “The ratings reflect UNUM’s strong and stable business profile, strong operating performance and strong risk-adjusted capitalization,” said Best. The Company “continues to hold a leading position in the UK group risk market with market share of approximately 35 percent.”

A.M. Best Co. has assigned a financial strength rating of ‘B’ (Fair) and an issuer credit rating of “bb+” to Nigeria’s Continental Reinsurance Plc (Continental Re) with a stable outlook. “The ratings reflect Continental Re’ s inadequate risk management, a significant percentage of the outward reinsurance program being ceded to retrocessionaires with unsecure ratings or non-rated retrocessionaires and the difficult and competitive environment in which Continental Re operates,” Best explained. “Mitigating factors are the company’ s good risk-adjusted capitalization and very good operating performance.”

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and assigned an issuer credit rating (ICR) of “a” to Mexico’s Grupo Nacional Provincial, S.A. with a stable outlook. Best noted that GNP is listed on the Mexican Stock Exchange with under 10 percent of its outstanding stock owned by the general public. It also indicated that “the ratings reflect GNP’ s leading position in the Mexican insurance market, its diversified business profile and historically profitable operating performance. The ratings also reflect GNP’ s integral role within the group of companies collectively known in Mexico as Grupo Bal (owned by the Bailleres family).”

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and assigned issuer credit ratings (ICR) of “a” to Seguros ING, S.A. de C.V. and its wholly owned subsidiary, ING Fianzas, S.A. de C.V. (both of Mexico City, Mexico) with a stable outlook. “The ratings reflect Seguros ING.’ s strong balance sheet, adequate capitalization and leading position in the Mexican insurance market,” said Best. “The ratings also reflect the historical financial support and commitment of its parent, ING Insurance International, a member of the ING Group of the Netherlands.”