A.M. Best has removed from under review with positive implications and upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” from “a-” of Compagnie Belge d’Assurances Aviation S.A. (Aviabel). The outlook assigned to these credit ratings is stable.
This rating action follows the completed acquisition of Aviabel by AXIS Capital Holdings Ltd.
A.M. Best said the rating change reflects the operational benefits that Aviabel is expected to derive from being a member of a larger group with substantial financial resources.
“In particular, the implementation of a quota share arrangement, effective from the date of acquisition, provides Aviabel with material reinsurance support from another entity within the AXIS group,” said A.M. Best.
Further, as part of AXIS, Aviabel is likely to have greater scale, which will help advance plans to broaden its aviation business, said the ratings agency, noting that Aviabel’s book of business complements aviation business already written by AXIS.
Source: A.M. Best
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