AM Best Maintains Under Review With Developing Implications Status for Credit Ratings of Armour Secure Insurance S.A. de C.V.

MEXICO CITY--(BUSINESS WIRE)-- AM Best has maintained the under review with developing implications status for the Financial Strength Rating of B (Fair), the Long-Term Issuer Credit Rating of “bb” and the Mexico National Scale Rating of “a.MX” of Armour Secure Insurance S.A. de C.V. (Armour) (Mexico).

The Credit Ratings (ratings) were initially placed under review with developing implications on Dec. 6, 2019, following an announcement that AXA XL had entered into an agreement to acquire Armour. This transaction is still pending regulatory approval from the Mexico regulator, Comisión Nacional De Seguros y Fianzas, as operations were put on hold due to the COVID-19 pandemic. The ratings will remain under review until the transaction is completed successfully, and AM Best can assess the financial and operational impacts of the acquisition fully.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Inger Rodriguez

Associate Financial Analyst

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Eli Sanchez

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Jim Peavy

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Source: AM Best