|By Marketwired .||
|June 11, 2014 04:04 PM EDT||
NEW YORK, NEW YORK -- (Marketwired) -- 06/11/14 -- AXA Art Americas Corporation announced that A.M. Best has revised the issuer credit rating (ICR) outlook to stable from negative and affirmed the financial strength rating (FSR) of "A" (Excellent) and ICR of "a+" of AXA Art Insurance Corporation (AXA ART). The outlook for the FSR is stable.
The ratings issued on AXA ART recognize its strong risk-adjusted capitalization, favorable historical operating results and recognized expertise in the fine arts insurance line. The ratings also reflect the implicit and explicit support provided to the company through reinsurance programs with AXA affiliates.
Concurrently A.M. Best affirmed the financial strength rating (FSR) of "A" (Excellent) and ICR of "a+" of AXA Insurance Company (AXA Insurance) with a stable FSR outlook. The ratings for AXA Insurance reflect its strong stand-alone attributes, including its risk-adjusted capitalization, solid underwriting fundamentals and overall operating profitability. The company serves as AXA's primary U.S. insurer of reverse flow business representing the domestic portion of multinational accounts generated by AXA affiliates. Beginning January 1, 2014, coverage for the fine art business is being provided by AXA Insurance.
The outlook for the ratings of AXA ART and AXA Insurance reflect A.M. Best's expectation of continued underwriting discipline, proactive strategic management and ongoing capital support. The outlook also takes into account the resolution of key concerns with AXA's exposures to uncertainty in the eurozone and the potential impact on the U.S. operations.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
About AXA ART
International reach, unrivalled competence and a high quality network of expert partners distinguish AXA ART, the only art insurance specialist in the world, from its generalist property insurance competitors. Over the past 50 years and well into the future, AXA ART has and will continue to redefine the manner in which it serves and services its museum, gallery, collector and artist clients across the Americas, Asia and Europe, with a sincere consideration of the way valuable objects are insured and cultural patrimony is protected. For more information visit www.axa-art.com.
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