MEXICO CITY--(BUSINESS WIRE)--AM Best has maintained the under review with developing implications status for the Financial Strength Rating of B (Fair), the Long-Term Issuer Credit Rating of “bb” and the Mexico National Scale Rating of “a.MX” of Armour Secure Insurance S.A. de C.V. (Armour) (Mexico).
The Credit Ratings (ratings) were initially placed under review with developing implications on Dec. 6, 2019, following an announcement that AXA XL had entered into an agreement to acquire Armour. This transaction is still pending regulatory approval from the Mexico regulator, Comisión Nacional De Seguros y Fianzas, as operations were put on hold due to the COVID-19 pandemic. The ratings will remain under review until the transaction is completed successfully, and AM Best can assess the financial and operational impacts of the acquisition fully.
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