Ratings upgrades for Axa XL – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password

Ratings upgrades for Axa XL

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.

Ratings news: Axa XL has had ratings upgraded by AM Best and Standard & Poor's (File photograph)

You must be Registered or to post comment or to vote.

Published December 10, 2018 at 8:00 am (Updated December 09, 2018 at 8:01 pm)

Ratings upgrades for Axa XL

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon