Fitch Completes Insurance Notching Review for U.S. Title Insurance
Fitch published updated insurance notching criteria on
Notching refers to the practice of establishing a given rating relative to a defined 'anchor' rating, using guidelines linked to certain characteristics of the rating that is being notched. For Fitch's insurance ratings, the Insurer Financial Strength (IFS) Rating is the initial anchor rating, and other ratings that are notched relative to it include Issuer Default Ratings (IDRs) of operating and holding companies, and debt/hybrid obligation ratings.
Fitch updated its notching criteria in light of changes in the regulatory landscape, including the movement in
KEY RATING DRIVERS
For this ratings review, the key rating driver was the impact of updated notching criteria. See most recently published Rating Action Commentaries or research reports for additional information on other Key Ratings Drivers pertinent to specific entity ratings.
RATING SENSITIVITIES
Not applicable to this portfolio review given its limited focus on implementation of updated notching criteria. See most recently published Rating Action Commentaries or research reports for additional information on Rating Sensitivities pertinent to specific entity ratings.
SUMMARY OF RATING ACTIONS
A link to the summary report that details all of the ratings actions taken as part of the portfolio review is available via the link below.
The linked summary report includes:
--A full list of ratings and related rating actions
--A hyperlink to each rated entity's ratings summary page on the Fitch website
--Primary analyst and secondary analyst contact information
--Participation status
The review has resulted in no ratings being upgraded, no ratings being downgraded and all 3 holding companies IDR's, obligations, and operating entities IFS ratings affirmed.
LIMITATIONS
The portfolio review was limited in scope, and only included an assessment of updated notching criteria as outlined in Section VI (Notching: Debt, Hybrid, IFS Rating and Holding Companies) of Fitch's insurance master criteria. None of the factors outlined in Section I (Key Rating Factors) of the master criteria, or any other elements discussed in the master criteria, were reviewed. Where relevant, Fitch considered the appropriateness of the relative ranking of ratings in the U.S.
Additional information is available on www.fitchratings.com
Fitch Completes Insurance Notching Review for
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=868725
Applicable Criteria
Insurance Rating Methodology (pub.
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=868367
Additional Disclosures
Dodd-Frank Rating Information Disclosure Form
https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=988103
Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=988103
Endorsement Policy
https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.
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