AM Best Assigns Credit Ratings To AXA XL
AM Best has assigned a Financial Strength Rating of A+ [Superior] and a Long-Term Issuer Credit Rating of “aa-” to AXA XL Reinsurance Limited [AXA XL Re] [Bermuda].
A spokesperson said, “AM Best has assigned a Financial Strength Rating of A+ [Superior] and a Long-Term Issuer Credit Rating of “aa-” to AXA XL Reinsurance Limited [AXA XL Re] [Bermuda]. AXA XL Re is a newly added member of XL Bermuda Ltd [AXA XL]. The outlook assigned to these Credit Ratings [ratings] is stable.
“The ratings of AXA XL Re reflect AXA XL’s consolidated balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management. AXA XL Re’s ratings also factor in its strategic importance to AXA XL.
“AXA XL formed AXA XL Re to serve as the lead reinsurance company in its corporate structure, effectively consolidating AXA XL’s reinsurance operations under a single entity. In conjunction with AXA XL Re’s formation, AXA XL will move its existing reinsurance operations under AXA XL Re in the corporate structure.
“This reorganization was designed to streamline AXA XL’s corporate structure and allow AXA XL to more easily bifurcate and evaluate the performance of its insurance and reinsurance business segments. Going forward, AM Best, therefore, expects AXA XL Re to serve a key strategic role within the broader AXA XL Group enterprise. As a part of AXA XL, AXA XL Re will be afforded the same financial flexibility, capital management tools and brand recognition that all of the group members receive.”
