A.M. Best Co. has affirmed the financial strength rating (FSR) of A (Excellent) and assigned an issuer credit rating (ICR) of "a+" to the AXA Art Insurance Corporation (AXA Art) (New York, NY). The outlook for all ratings is stable.
The rating reflects AXA Art's strong capitalization, favorable operating performance, parental support from its direct parent, AXA Art Versicherung AG (Cologne, Germany), as well as the advantages gained from its recognized insurance expertise within the fine arts industry. AXA Art also benefits from being a subsidiary of AXA Group (Paris, France) [NYSE: AXA], which is one of the largest financial services organizations in the world.
Offsetting these factors are the company's significant product/market concentration, the effects of increased competition, as well as a high level of reinsurance dependence. Nevertheless, the current outlook remains supported by the above positive rating characteristics.
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Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. For more information, visit www.ambest.com.
