LONDON--(BUSINESS WIRE)--A.M. Best has removed from under review with positive implications and upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” from “a-” of Compagnie Belge d’Assurances Aviation S.A. (Aviabel) (Belgium). The outlook assigned to these Credit Ratings (ratings) is stable.
This rating action follows the completed acquisition of Aviabel by AXIS Capital Holdings Limited (AXIS). It reflects the operational benefits that Aviabel is expected to derive from being a member of a larger group with substantial financial resources. In particular, the implementation of a quota share arrangement, effective from the date of acquisition, provides Aviabel with material reinsurance support from another entity within the AXIS group.
As part of AXIS, Aviabel is likely to have greater scale to help advance its plans to broaden the scope of its aviation business. A.M. Best believes that Aviabel’s book of business complements the aviation business already written within the AXIS group and that AXIS will accordingly provide appropriate support for its new acquisition.
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.
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