A.M. Best Co. has withdrawn the financial strength rating (FSR) of “B++” (Good) and assigned a category of “NR-5” (Not Formally Followed) to Canada’s Insurance Corporation of Newfoundland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.
Viewpoint: The AI Ransomware That Couldn’t Get Paid 
Lloyd’s of London Says Former CEO Neal Breached Compliance Rules 
Coca-Cola Suspends Fairlife Operations After Cyberattack 
Allstate’s $1.7M RICO Claims Fraud Suit Merits Trial, Not Arbitration: NJ High Court 
