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S&P Global Market Intelligence compiles ratings actions in the insurance space daily through 5 p.m. ET. Actions after 5 p.m. ET will be included in the following day's roundup.
U.S. and Canada
A.M. Best upgraded the financial strength rating to A from A- and the long-term issuer credit ratings to "a" from "a-" for the life and health and property and casualty operating subsidiaries of Bermuda-domiciled Colonial Group International Ltd.
The subsidiaries are Colonial Medical Insurance Co. Ltd., Atlantic Medical Insurance Ltd., Colonial Life Assurance Co. Ltd., Colonial Insurance (BVI) Ltd., Colonial Insurance Co. Ltd., Security and General Insurance Co. Ltd. and British Caymanian Insurance Co. Ltd.
The outlook of these ratings is stable.
The ratings reflect Colonial Group's balance sheet strength, which A.M. Best categorizes as strongest, adequate operating performance, neutral business profile and appropriate enterprise risk management.
The upgrades reflect improved market position and geographic diversification compared with its peers, as the medical products business continues to grow outside the core market of Bermuda.
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DBRS confirmed the issuer rating of Canada-based Manulife Financial Corp. at A and the issuer and financial strength ratings of subsidiary Manufacturers Life Insurance Co. at AA.
All trends are stable.
DBRS said Manulife enjoys a "powerful" franchise across several key markets and a "strong" risk management framework. The agency also noted the company's continued progress in hedging equity and interest rate risks, as well...