AM Best Affirms Credit Ratings Of XL Bermuda
AM Best has affirmed the Financial Strength Rating of A+ and the Long-Term Issuer Credit Rating of “aa-” of XL Bermuda Ltd [AXA XL] [and its subsidiaries. The outlook of these Credit Ratings is stable.
A statement from the ratings agency said, “The ratings reflect AXA XL’s 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’s operating performance has been impacted by volatile underwriting results in recent years. This volatility stems from various issues, including increased frequency in catastrophe losses and the COVID-19 pandemic. In response, the group has implemented various changes to leadership and underwriting processes.
“After a tumultuous 2020, the group’s underlying underwriting performance has begun to show improvements through the first half of 2021, reflecting broad based rate improvement and corrective underwriting actions implemented during the period. As market dynamics stabilize, AM Best anticipates that the group will demonstrate continued improvement and more stable operating results.
“Additionally, AXA XL’s parent organization, AXA S.A., remains supportive of the group’s business and continues to contribute both implicit and explicit support.
“The FSR of A+ [Superior] and the Long-Term ICRs of “aa-” [Superior] have been affirmed, with stable outlooks for XL Bermuda Ltd and the following subsidiaries:
- AXA Insurance Company
- AXA XL Reinsurance Ltd.
- AXA XL Resseguros S.A.
- Catlin Insurance Company Inc.
- Catlin Re Switzerland
- Catlin Specialty Insurance Company
- Greenwich Insurance Company
- Indian Harbor Insurance Company
- T.H.E. Insurance Company
- XL Catlin Insurance Company UK Limited
- XL Insurance America, Inc.
- XL Insurance Company SE
- XL Insurance Company of New York, Inc.
- XL Insurance Switzerland Ltd
- XL Select Insurance Company
- XL Specialty Insurance Company
- XL Re Europe SE
- XL Reinsurance America Inc.”
