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FOR IMMEDIATE RELEASE
LONDON - NOVEMBER 30, 2016 11:57 AM (EST)
A.M. Best has placed under review with positive implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Compagnie Belge d’Assurances Aviation S.A. (Aviabel) (Belgium).
This Credit Rating (rating) action follows the announcement on 28 November 2016 that Aviabel has entered into an agreement to be acquired by AXIS Specialty Holdings Ireland Limited, an intermediate holding company within the group headed by AXIS Capital Holdings Limited (Bermuda). The ratings have been placed under review because A.M. Best needs to evaluate the AXIS group’s plans for Aviabel and the impact of the transaction on Aviabel’s risk-adjusted capitalisation. The under review with positive implications status reflects the potential financial and operational benefits that Aviabel may derive as part of a larger, higher rated organisation.
A.M Best expects to resolve the under review status of the ratings upon completion of the transaction. The transaction is subject to regulatory approval and is expected to close in the first half of 2017.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.
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