A.M. Best & S&P Upgrade Ratings Of AXA XL
AXA XL, the P&C and specialty risk division of AXA SA [AXA] announced that the Financial Strength Rating [FSR] and Long-term Issuer Credit Rating [Long-Term ICR] of its core insurance and reinsurance companies have been upgraded by A.M. Best and Standard & Poor’s [S&P].
A.M. Best has upgraded the FSR to A+ [Superior] from A [Excellent] and the Long-Term ICR to “aa-” from “a+” of the Property/Casualty subsidiaries of XL Group Ltd [XL] as well as those of AXA Insurance Company with a stable outlook.
S&P recently raised the FSR and Long-Term ICR ratings on AXA XL’s core insurance and reinsurance companies to AA- from A+ and on the highly strategic subsidiaries to A+ from A, with a Stable outlook for all entities.
Commenting on the rating actions, AXA XL CEO Greg Hendrick said: “This positive news reaffirms the wisdom of the AXA XL deal. With these improved ratings, which are equivalent to other principal subsidiaries of AXA, we are in an even better position to offer greater support and security to our customers and brokers.”
In their separate press releases both rating agencies pointed out that their rating actions reflect AXA XL’s stronger balance sheet as a part of the AXA group and strategic alignment with AXA in enhancing the group’s leading market position in the commercial global P&C insurance sector.
A.M. Best and S&P’s actions follow those of Fitch and Moody’s which both upgraded the ratings of XL subsidiaries by one notch with a Stable outlook after the completion of the acquisition of XL by AXA on September 12 this year.
