Axis Capital Holdings Limited and its operating subsidiaries have been rated A+ Insurer Financial Strength (IFS) by Fitch Ratings. The Rating Outlook is Stable.
The insurance company has a history of favorable reserve development, reflecting positively on reserving practices. Over the past two years, the Reinsurance segment reported greater favorable reserve development relative to the Insurance segment. Year-to-date 2014, the reinsurance company reported net favorable reserve development of $193 million, up from the prior year period despite expectations for a reduced benefit.
The company may also be remembered to be rated A+ (Strong) by Deloitte Bermuda Insurance Market Report based on the data by Standard & Poor. According to the review, it also placed 5th in Bermuda’s top 10 reinsurers in 2014 with $728 Billion worth of net income, $19, 635 Billion worth of total assets.
PartnerRe, the company which is to merge with Axis Capital Holdings Limited on the second half of the year is also included in S&P’s top 10 ratings with $23 039 billion worth of total assets. They are rated A+ (Adequate with Strong Risk Controls).
Bermuda’s reinsurers had generated strong earnings in 2014, in part because of low catastrophe losses and favorable prior year reserve development, and they maintained strong capitalization with very few complaints from their customers.
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On the other hand, A.M. Best Co. has upgraded their financial strength rating of Axis Capital Holding Limited to A+ (Superior) from A (Excellent). The outlook of the ratings has also been upgraded from Stable to Positive.
According to them, “Given the current soft casualty market conditions, the company is well positioned with a diversified book of business and an expanding worldwide infrastructure”.
Axis Capital Holdings Limited Group is the holding company of Axis Capital group of companies. The company offers insurance services including property, professional lines, terrorism, marine, energy, environmental and other insurance solutions. The reinsurance services include property, professional lines, credit and bond, and others.
The company size enables them to react swiftly and effectively to opportunities in the insurance marketplace with their label branching out on headquarters all over the world. They have offices located at Bermuda, all over Australia, Singapore, Jakarta Indonesia, United Kingdom and over 10 states in America.