AM Best Withdraws Credit Ratings of XL Seguros México, S.A. de C.V.
MEXICO CITY--(BUSINESS WIRE)--Oct 1, 2021--
AM Best has withdrawn the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb+” (Good) and the Mexico National Scale Rating of “aa+.MX” (Superior) of XL Seguros México, S.A. de C.V. (XLSM) (Mexico). These Credit Ratings (ratings) were under review with negative implications pending the legal authorization to transfer XLSM’s portfolio to AXA Seguros, S.A. de C.V. (AXA Seguros).
The portfolio transfer has been authorized by Mexico authorities. XLSM has transferred all insurance and reinsurance risks into AXA Seguros, and stopped underwriting new premiums.
AM Best’s policy is for a final rating to be completed along with a rating withdrawal. However, a final rating update was not able to be completed, as XLSM does not hold any insurance risks necessary to support the formation of a current rating opinion.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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KEYWORD: NORTH AMERICA UNITED STATES EUROPE MEXICO CENTRAL AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE
SOURCE: AM Best
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PUB: 10/01/2021 05:32 PM/DISC: 10/01/2021 05:32 PM