Axa XL, the property and casualty, and specialty risk division of Axa Sa has had its financial strength rating and long-term issuer credit rating of its core insurance and reinsurance companies upgraded by AM Best and Standard & Poor’s.

AM Best has upgraded the FSR to A+ from A and the long-term ICR to “aa-” from “a+” of the property/casualty subsidiaries of XL Group Ltd as well as those of Axa Insurance Company with a stable outlook.

Meanwhile, 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.

Greg Hendrick, chief executive officer of Axa XL, 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 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.

The latest upgrades follow action by 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.