Standard & Poor’s Corp. assigned an A financial strength and counter-party credit ratings to AXIS Insurance.
Standard & Poor’s Corp. assigned an A financial strength and counter-party credit ratings to AXIS Insurance Monday and extended that rating to AXIS Capital operating units AXIS Specialty Ltd., AXIS Reinsurance Co., AXIS Specialty Europe Ltd., AXIS Specialty Insurance Co., AXIS Surplus Insurance Co. and AXIS Re Ltd.
“The ratings assignment on AXIS Insurance reflects Standard & Poor’s view that this entity is a core member of the AXIS group of companies,” said S&P credit analyst LaLine Carvalho in a statement. “Prospectively, S&P expects AXIS Insurance to become AXIS’ main vehicle in the U.S. for the underwriting of primary insurance risks on an admitted basis.”
Further, the New York-based ratings agency said the property/casualty portion of AXIS Insurance could “represent a significant proportion—about 10%-15% annually—of the group’s total writings.”
Published on January 29, 2008
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