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FOR IMMEDIATE RELEASE
LONDON - APRIL 26, 2018 08:55 AM (EDT)
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expects the ratings to remain under review until completion of the merger, when the ratings of Aviabel are likely to be withdrawn.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.
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