Best’s News & Research Service - December 11, 2020 03:11 PM (EST)
AM Best Maintains Under Review With Developing Implications Status for Credit Ratings of Armour Secure Insurance S.A. de C.V.
- December 11, 2020 03:11 PM (EST)
Mexico City //BestWire// - 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.
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)
- Rating Title Insurance Companies (Version July 31, 2020)
- Understanding Universal BCAR (Version June 11, 2020)
- AM Best’s Ratings On a National Scale (Version Oct. 13, 2017)
- Scoring and Assessing Innovation (March 5, 2020)
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: June 5, 2020
- Date Range of Financial Data Used: Dec. 31, 2014-Oct. 31, 2020
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.
AM Best does not validate or certify the information provided by the client in order to issue a credit rating.
While the information obtained from the material source(s) is believed to be reliable, its accuracy is not guaranteed. AM Best does not audit the company’s financial records or statements, or otherwise independently verify the accuracy and reliability of the information; therefore, AM Best cannot attest as to the accuracy of the information provided.
AM Best’s credit ratings are independent and objective opinions, not statements of fact. AM Best is not an Investment Advisor, does not offer investment advice of any kind, nor does the company or its Ratings Analysts offer any form of structuring or financial advice. AM Best’s credit opinions are not recommendations to buy, sell or hold securities, or to make any other investment decisions. View our entire notice for complete details.
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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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.