A.M. Best Affirms Rating of AXA Re and Its Core Subsidiaries.OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) of AXA AXA Anguilla, Anguilla (Airport Code) AXA Alpha Chi Alpha AXA Animal Crossing Ahead (online forum community/guide to the game Animal Crossing) AXA Auxiliary Artery Re Group (France). The rating applies to AXA Re (Paris, France) and its core subsidiaries, Compagnie Generale de Reassurance de Monte Carlo (CGRM CGRM Computer Graphics Reference Model (ISO) ) (Monaco) and AXA Re Asia Pacific Pte. Ltd. (Singapore). The outlook for these entities is stable. The rating reflects the expected stabilisation in AXA Re's operating performance as a consequence of more disciplined, centralised underwriting and the continuing implementation of its restructuring plan, which aims to reduce AXA Re's cost base. The scheduled transfer of ownership of AXA Re's U.S. operations to AXA S.A. will enable the company to solely focus on its core reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. businesses. A.M. Best expects AXA Re to continue its strict underwriting, which should lead to a combined ratio of around 100% and a return on equity in the range of 10% to 15% in 2004. The transfer of AXA Re's U.S. operations will imply an absolute capital reduction of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 531 million (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 640 million), but on a risk-adjusted basis, AXA Re's capitalisation will be maintained. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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