CHICAGO – Fitch Ratings has published a periodic review and update to its methodology for rating insurance companies. The revisions are published in an update to Fitch’s global master insurance criteria, ‘Insurance Rating Methodology’. The update reflects a number of clarifications without any substantive changes made to the underlying criteria. Relatively minor changes include details added to clarify certain ratio calculations and the ability to use adjusted versions of ratios to attempt to reconcile differences among insurers in a peer group. Fitch also clarified the Core treatment in certain cases of small highly integrated insurance group members. Clarity was added on the application of regulatory overrides for hybrids in China, as well as with respect to regulatory intervention in designating hybrid non-performance risk, application of a sovereign constraint, and the regulatory classification for Canada. No ratings are expected to change as the result of these updates.