News from S&P Global Ratings
Aviabel upgraded to A on completion of its acquisition by AXIS Capital; Outlook Stable.
The upgrade follows the completion on April 1, 2017, of Aviabel's acquisition by Bermuda-based property and casualty (re)insurer AXIS Capital Holdings Ltd.
(core operating entities rated A+/Stable/--).
This transaction fits into AXIS' growth and diversification strategy since it will increase its reach in the global aviation sector.
Aviation and aerospace insurance, totaling more than $50 million for AXIS, contributed 1% of the group's gross written premium in 2016.
Aviabel will consequently double AXIS' aviation business' turnover, helping AXIS accelerate its ambition to expand in the aviation market.
Download the S&P Global Ratings press release – April 2017.