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Fitch Rates AXA Art Versicherung and AXA Art Insurance at IFS 'AA-'; Outlook Stable
March 12, 2015 / 9:52 AM / 3 years ago

Fitch Rates AXA Art Versicherung and AXA Art Insurance at IFS 'AA-'; Outlook Stable

(The following statement was released by the rating agency) PARIS/LONDON, March 12 (Fitch) Fitch Ratings has assigned AXA Art Versicherung and AXA Art Insurance 'AA-' Insurer Financial Strength (IFS) ratings. The Outlooks are Stable. KEY RATING DRIVERS The 'AA-' IFS ratings reflect Fitch's view of AXA Art Versicherung's Core strategic status to AXA Konzern, notably supported by a profit and loss sharing agreement and intra-group reinsurance agreements. AXA Art Versicherung is a fully owned subsidiary of AXA Konzern, which itself is the top holding company of all AXA subsidiaries in Germany, 100% owned by AXA SA (IDR: A). The UK-based AXA Art Insurance is viewed by Fitch as a Core insurance subsidiary of AXA Art Versicherung and as such has been assigned the same rating. The AXA Art business division is the group's dedicated unit for art insurance. Its strategy is fully aligned with group ambitions. Fitch expects the AXA group to provide additional financial support to the company, in case of need. Fitch does not expect the group to divest AXA Art Versicherung in the foreseeable future. AXA Art Versicherung, domiciled in Germany, is a leading European insurer underwriting art insurance risks. It operates worldwide via branches and subsidiaries. In 2013, gross written premiums were EUR150m. Fitch views the company as being both profitable (reflected in its 89% average net combined ratio over the past three years) and strongly capitalised (406% of the regulatory capital requirement at end-2013). The investment policy is highly conservative, mostly focusing on highly rated fixed income instruments and cash. In addition, AXA Art Versicherung has no financial debt on its balance sheet. RATING SENSITIVITIES Factors that could lead to a downgrade of AXA Art Versicherung and AXA Art Insurance include a downgrade of the AXA group rating or a change in their strategic position within the AXA group. An upgrade of the AXA group rating could lead to an upgrade of AXA Art Versicherung and AXA Art Insurance. Contact: Primary Analyst Marc-Philippe Juilliard Senior Director +33 1 44 29 91 37 Fitch France S.A.S. 60, rue de Monceau 75008 Paris Secondary Analyst Stephan Kalb Senior Director +49 69 768 076 118 Committee Chairperson Harish Gohil Managing Director +44 20 3530 1257 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: Additional information is available at Applicable criteria, "Insurance Rating Methodology", dated 4 September 2014, are available at Applicable Criteria and Related Research: Insurance Rating Methodology here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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