A.M. Best Places Credit Ratings of Compagnie Belge d’Assurances Aviation S.A. (Aviabel) Under Review with Positive Implications

LONDON--()--A.M. Best has placed under review with positive implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Compagnie Belge d’Assurances Aviation S.A. (Aviabel) (Belgium).

This Credit Rating (rating) action follows the announcement on 28 November 2016 that Aviabel has entered into an agreement to be acquired by AXIS Specialty Holdings Ireland Limited, an intermediate holding company within the group headed by AXIS Capital Holdings Limited (Bermuda). The ratings have been placed under review because A.M. Best needs to evaluate the AXIS group’s plans for Aviabel and the impact of the transaction on Aviabel’s risk-adjusted capitalisation. The under review with positive implications status reflects the potential financial and operational benefits that Aviabel may derive as part of a larger, higher rated organisation.

A.M. Best expects to resolve the under review status of the ratings upon completion of the transaction. The transaction is subject to regulatory approval and is expected to close in the first half of 2017.

This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2016 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.

Contacts

A.M. Best
David Drummond
Senior Financial Analyst
+44 20 7397 0327
david.drummond@ambest.com
or
Catherine Thomas
Senior Director – Analytics
+44 20 7397 0281
catherine.thomas@ambest.com
or
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
or
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Contacts

A.M. Best
David Drummond
Senior Financial Analyst
+44 20 7397 0327
david.drummond@ambest.com
or
Catherine Thomas
Senior Director – Analytics
+44 20 7397 0281
catherine.thomas@ambest.com
or
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
or
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com