A.M. Best Assigns Positive Outlook To AXA Global Risks U.S. Insurance.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Feb. 8, 2000 A.M. Best Co. has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the B++ (Very Good) rating 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 Global Risks U.S. Insurance Group, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , and assigned the rating a positive outlook. The action reflects the company's inclusion in a new structure within its ultimate parent, the AXA Group, Paris. The new structure -- AXA Corporate Solutions -- brings together AXA Group's transnational corporate and transport insurance subsidiary, AXA Global Risks; its 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. unit, AXA Reassurance Group; and its broker segment, AXA Cessions. A.M. Best believes the new organization will provide greater financial support and stability to AXA Global Risks U.S., as well as future strategic benefits. The rating action also recognizes the substantial progress made by current AXA Global Risks U.S. management in restoring the operating performance and financial condition of the company. AXA Corporate Solutions, a commercial and technical matrix organization, will provide a strong operating platform as a single profit center for global business and an integrated operational and financial control. The new structure will provide not only one point-of-entry for each client worldwide but also a diversity of services in terms of expertise, innovation and performance. The overall structure is based on holding functions and international entities. The holding companies will be responsible for operational and administrative functions. The international entities, as the operating units operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon , will underwrite To insure; to sell an issue of stocks and bonds or to guarantee the purchase of unsold stocks and bonds after a public issue. The word underwrite has two meanings. and develop commercial business in insurance and reinsurance. A.M. Best will continue to monitor structural and operational plans for AXA Corporate Solutions. Included will be an evaluation of the earnings capacity, financial position and overall performance of the business segment represented by AXA Global Risks U.S. Insurance Group. A.M. Best will consider AXA Corporate Solutions' ability to execute strategic initiatives to expand on the opportunities presented to the new organization, as well as the actual integration of AXA Global Risks U.S. Insurance Group. The organization's structure is expected to be finalized See finalization. by April 2000, and the legal structure is expected to be completed by year-end. 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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