Canadian Underwriter

A.M. Best ratings of AXA, XL Group under review following acquisition announcement

March 7, 2018   by Staff

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chart graph ratingThe financial strength (FSR) and long-term issuer credit ratings (long-term ICR) of AXA S.A.’s subsidiaries, as well as XL Group’s P&C subsidiaries have been placed under review with developing implications by A.M. Best.

This follows the announcement that XL Group is being acquired by AXA Group in a deal worth US$15.3 billion expected to close later this year.

Related: AXA to acquire XL Group

Some of the AXA S.A. subsidiaries under review include AXA Global Re with an FSR of A+ and a long term ICR of aa-, and AXA Insurance Company with an FSR of A (excellent) and a long-term ICR of a+. The XL Group subsidiaries currently have an FSR of A (excellent) and a long-term ICR of a+.

Also under review with developing implications are the Long-Term ICR of bbb+ of XL and XLIT, Ltd., and the long-term issue credit rating (Long-Term IR) of the preference share issues of Catlin Insurance Company Ltd.

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This story was originally published by Canadian Insurance Top Broker.