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FOR IMMEDIATE RELEASE
AMSTERDAM - MARCH 31, 2022 10:56 AM (EDT)
AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Axeria IARD (Axeria) (France). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Axeria’s inclusion as a member of the lead rating unit of Somers Group Holdings Ltd. (Somers), which has a balance sheet strength that AM Best assesses as very strong, as well as adequate operating performance, a neutral business profile and appropriate enterprise risk management.
Axeria is strategically important to Somers (formerly known as Watford Holdings Ltd.) as the group’s carrier for writing business within the European Union. The company was acquired by Somers in 2021 as part of the group’s strategy to expand its European presence. Axeria will continue to write a core portfolio of French non-life business, and in addition expand into new European markets with the support of Somers. The company receives explicit support from Somers in the form of quota share reinsurance, mirroring the support afforded to other operating entities within the Somers group.
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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising 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.