A.M. Best Co. has withdrawn the financial strength rating (FSR) of “B++” (Good) and assigned a category of “NR-5” (Not Formally Followed) to Canada’s Insurance Corporation of Newfoundland Limited (ICON).
“This rating action is a result of ICON’s amalgamation into its sister company, AXA General Insurance Company (AXA General) (Ontario, Canada), formerly Anglo Canada General Insurance Company,” said Best. “AXA General is a wholly owned subsidiary of AXA Assurances Inc. (Quebec), which is wholly owned by AXA Canada Inc. (Quebec). The amalgamation of ICON into AXA General became effective January 1, 2007.”
Topics Mergers & Acquisitions Canada AXA XL
Was this article valuable?
Here are more articles you may enjoy.
Businesses Pressured to Respond to ICE While Becoming a Target 
20,000 AI Users at Travelers Prep for Innovation 2.0; Claims Call Centers Cut 
Navigators Can’t Parse ‘Additional Insured’ Policy Wording in Georgia Explosion Case 
Berkely Says It’s No Longer Pressured to Push for Rate ‘Across the Board’ 
