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

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

The Credit Rating (rating) action follows decisions made on 18 April 2018, by the boards of directors of Aviabel and AXIS Specialty Europe SE (AXIS SE) that, in principle, Aviabel should be merged into AXIS SE with effect from 1 October 2018. AXIS SE has an FSR of A+ (Superior) and a Long-Term ICR of “aa-”. Both companies are subsidiaries within the group headed by AXIS Capital Holdings Limited. The ratings have been placed under review while the necessary regulatory approval is obtained from the National Bank of Belgium and Central Bank of Ireland, and the legal requirements for the merger and portfolio transfer are satisfied.

A.M. Best expects the ratings to remain under review until completion of the merger, when the ratings of Aviabel are likely to be withdrawn.

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. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

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

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Tim Prince, +44 20 7397 0327 0320
Director, Analytics
timothy.prince@ambest.com
or
Catherine Thomas, +44 20 7397 0281
Senior Director, Analytics
catherine.thomas@ambest.com
or
Christopher Sharkey, +1 908 439 2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1 908 439 2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best
Tim Prince, +44 20 7397 0327 0320
Director, Analytics
timothy.prince@ambest.com
or
Catherine Thomas, +44 20 7397 0281
Senior Director, Analytics
catherine.thomas@ambest.com
or
Christopher Sharkey, +1 908 439 2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1 908 439 2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com