AM Best announced a number of rating changes on the ratings of AXA subsidiaries.
It withdrew the financial strength rating of AXA Corporate Solutions Assurance (ACSA), France, at the request of the company, and assigned a NR-4 (company request) rating.
At the time of the withdrawal, the financial strength rating of ACSA had been downgraded to B++ (very good) from A- (excellent), with a stable outlook.
In addition, AM Best affirmed the A- (excellent) financial strength rating of the AXA Re Group. This rating applies to AXA Re and its core subsidiaries, Compagnie Generale de Reassurance de Monte Carlo, Monaco, and AXA Re Asia Pacific Pte, Singapore.
The outlook for the AXA Re ratings is stable.
However, AM Best placed the A- (excellent) financial strength rating of AXA Corporate Solutions Insurance Company, New York, under review with negative implications.
AM Best said the rating action was based its view that AXA Corporate Solutions Insurance Company is no longer a core subsidiary of the AXA Re Group which, as announced by the company in 2003, is simplifying its corporate organisation.
It said AXA Corporate Solutions Insurance Company would therefore no longer benefit from AXA Re's group rating.
A.M. Best is currently reviewing the company's future role and commitment and support available to the company, including a guarantee agreement, it said.
The result of the review is expected to be complete at the end of the third quarter of 2004.
