LONDON--(BUSINESS WIRE)--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expects the ratings to remain under review until completion of the merger, when the ratings of Aviabel are likely to be withdrawn.
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