A.M. Best Co. affirmed the financial strength rating of “A-” (excellent) of AXA Corporate Solutions Ins. Co. (AXA) based in New York. The rating has been removed from under review and assigned a stable outlook.
The rating reflects AXA’s balance sheet strength, which is supported by a guarantee agreement with AXA Re out of Paris, France, and the significant decrease in the company’s net underwriting leverage. While maintaining its surplus level, AXA has reduced its underwriting risk through an extensive reinsurance program. Partially offsetting these positive rating factors are AXA’s poor historical operating performance and its concentration in volatile lines of business.
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