OLDWICK, N.J.--(BUSINESS WIRE)--
A.M. Besthas revised the issuer credit ratings (ICR) outlook to
stable from negative and affirmed the financial strength rating (FSR) of
A (Excellent) and ICRs of “a+” of AXA Insurance Company (AXA
Insurance) and AXA Art Insurance Corporation(AXA Art) (both
domiciled in New York, NY). The outlook for the FSR is stable.
Concurrently, A.M. Best has affirmed the FSR of B++ (Good) and the ICR
of “bbb” of Coliseum Reinsurance Company (Coliseum Re)
(Wilmington, DE), which is in run off. The outlook for these ratings is
stable. All of the above companies are U.S. subsidiaries of AXA S.A.
(AXA) (France) [OTC:AXAHY.PL].
The ratings for AXA Insurance reflect its strong stand-alone attributes,
including its risk-adjusted capitalization, solid underwriting
fundamentals and overall operating profitability. The company serves as
AXA’s primary U.S. insurer of reverse flow business representing the
domestic portion of multinational accounts generated by AXA affiliates.
The ratings of AXA Art recognize its strong risk-adjusted
capitalization, favorable historical operating results and recognized
expertise in the fine arts insurance line. The ratings reflect the
implicit and explicit support provided to the company through
reinsurance programs with AXA affiliates. Beginning January 1, 2014,
coverage for the fine art business is being provided by AXA Insurance.
Current exposures will remain under AXA Art to their conclusion.
The outlook for the ratings of AXA Insurance and AXA Art reflect A.M.
Best’s expectation of continued underwriting discipline, proactive
strategic management and ongoing capital support. The outlook also takes
into account the resolution of key concerns with AXA’s exposures to
uncertainty in the eurozone and the potential impact on the U.S.
Coliseum Re remains in run off status. The company continues to maintain
adequate capitalization and liquidity relative to its remaining
Upward movement on the ratings of AXA Insurance and AXA Art could occur
with extended periods of favorable underwriting and overall operating
results through market cycles. Negative rating actions could occur with
loss of capital position or perceived lessening of support provided by
AXA. Separately, Coliseum Re is subject to potential negative rating
actions should adverse development occur in the remaining run off
The methodology used in determining these ratings is Best’s Credit
Rating Methodology, which provides a comprehensive explanation of A.M.
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.
A.M. Best Company is the world's oldest and most authoritative
insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2014 by A.M. Best Company, Inc.ALL RIGHTS
Robert Raber, 908-439-2200, ext. 5696
Witmer, 908-439-2200, ext. 5097
Assistant Vice President
Peavy, 908-439-2200, ext. 5644
Assistant Vice President,
Source: A.M. Best