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FOR IMMEDIATE RELEASE
OLDWICK - APRIL 01, 2021 12:11 PM (EDT)
AM Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of “aa-” to AXA XL Reinsurance Limited (AXA XL Re) (Bermuda). AXA XL Re is a newly added member of XL Bermuda Ltd (AXA XL). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings of AXA XL Re reflect AXA XL’s consolidated balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management. AXA XL Re’s ratings also factor in its strategic importance to AXA XL.
AXA XL formed AXA XL Re to serve as the lead reinsurance company in its corporate structure, effectively consolidating AXA XL’s reinsurance operations under a single entity. In conjunction with AXA XL Re’s formation, AXA XL will move its existing reinsurance operations under AXA XL Re in the corporate structure. This reorganization was designed to streamline AXA XL’s corporate structure and allow AXA XL to more easily bifurcate and evaluate the performance of its insurance and reinsurance business segments. Going forward, AM Best, therefore, expects AXA XL Re to serve a key strategic role within the broader AXA XL Group enterprise. As a part of AXA XL, AXA XL Re will be afforded the same financial flexibility, capital management tools and brand recognition that all of the group members receive.
This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.