Best’s News & Research Service - December 06, 2019 02:05 PM (EST)
AM Best Places Credit Rating of Armour Secure Insurance S.A. de C.V. Under Review With Developing Implications
- December 06, 2019 02:05 PM (EST)
Mexico City //BestWire// - AM Best has placed under review with developing implications 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) following an announcement that it will be acquired by AXA XL.
This transaction is pending regulatory approval from Mexico regulator Comisión Nacional De Seguros y Fianzas (CNSF). The ratings will remain under review until AM Best can fully assess the financial and operational impacts of the acquisition.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of AM Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
Key insurance criteria reports utilized:
- Available Capital & Holding Company Analysis (Version Oct. 13, 2017)
- Evaluating Country Risk (Version Oct. 13, 2017)
- Evaluating U.S. Surplus Notes (Version Oct. 13, 2017)
- Rating Title Insurance Companies (Version Aug. 01, 2019)
- Understanding Universal BCAR (Version May 13, 2019)
- AM Best’s Ratings On a National Scale (Version Oct. 13, 2017)
View a general description of the policies and procedures used to determine credit ratings. For information on the meaning of ratings, structure, voting and the committee process for determining the ratings and monitoring activities, please refer to Understanding Best’s Credit Ratings.
- Previous Rating Date: Nov. 2, 2018
- Date Range of Financial Data Used: Dec. 31, 2013 – Sept. 30, 2019
This press release relates to rating(s) that have been published on AM Best’s website. For additional 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.
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AM Best is a global credit rating agency, news publisher and data provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.