Best’s News & Research Service - October 01, 2021 04:30 PM (EDT)
AM Best Withdraws Credit Ratings of XL Seguros México, S.A. de C.V.
- October 01, 2021 04:30 PM (EDT)
Mexico City //BestWire// - AM Best has withdrawn the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb+” (Good) and the Mexico National Scale Rating of “aa+.MX” (Superior) of XL Seguros México, S.A. de C.V. (XLSM) (Mexico). These Credit Ratings (ratings) were under review with negative implications pending the legal authorization to transfer XLSM’s portfolio to AXA Seguros, S.A. de C.V. (AXA Seguros).
The portfolio transfer has been authorized by Mexico authorities. XLSM has transferred all insurance and reinsurance risks into AXA Seguros, and stopped underwriting new premiums.
AM Best’s policy is for a final rating to be completed along with a rating withdrawal. However, a final rating update was not able to be completed, as XLSM does not hold any insurance risks necessary to support the formation of a current rating opinion.
The methodology used in determining these ratings is Best’s Credit Rating Methodology (Version Nov. 13, 2020), 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 .
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 Guide to Best’s Credit Ratings.
- Previous Rating Date: March 31, 2021
- Date Range of Financial Data Used: Dec. 31, 2015-Aug. 31, 2021
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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.