Standard & Poor’s Ratings Services announced that it has affirmed its “BBB” long-term counterparty credit and insurer financial strength ratings on U.S.-based AXA Corporate Solutions Life Reinsurance Co., U.S.-based AXA Corporate Solutions Reinsurance Co., and AXA Global Risks (U.K.) Ltd. with a stable outlook.
Concurrent with the affirmation S&P announced that it has removed the ratings from CreditWatch, where they were originally placed on Feb. 20, 2004, and has subsequently withdrawn them at the request AXA management. Consequently, they are no longer subject to surveillance by S&P.
“Each of the three companies has ceased underwriting new business, and Standard & Poor’s expects an orderly run-off based on the companies’ own financial strength and the AXA group’s intentions,” the announcement continued. “AXA Corporate Solutions Life Reinsurance Co. previously wrote asset-backed reinsurance, predominantly guaranteed minimum death benefit and guaranteed minimum income benefit risks. AXA Corporate Solutions Reinsurance Co. previously wrote small lines on large U.S. commercial risks, often from subsidiaries of European groups. AXA Global Risks (U.K.) Ltd. previously wrote large commercial risks.”
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
