AM Best Places Credit Ratings of Axéria Prévoyance and Axeria Re Limited Under Review With Developing Implications
These Credit Rating (rating) actions follow April S.A.’s (April) announcement on
Under the terms of the agreement, CVC would acquire SAS Evolem’s 65.1% equity stake in April at a price of
A definitive agreement for the acquisition of SAS Evolem’s stake in April could be entered into upon completion of the relevant legal procedures concerning employment regulations in
These ratings have been placed under review with developing implications, as AM Best needs to assess the impact of the planned change in ownership on the balance sheet strength, operating performance, business profile and ERM assessments of Axéria and Axeria Re, as well as the impact on the April group's operations and future strategy. AM Best will conduct detailed discussions with the April group and its rated entities to assess the impact of the planned transaction on their rating fundamentals. AM Best expects the ratings to remain under review pending the completion of the transaction.
The rating action for Axeria Re also reflects uncertainty arising from the aforementioned tax reassessment by the French tax authorities. AM Best will continue to monitor developments to assess the impact of any penalty incurred on Axeria Re’s credit fundamentals. Furthermore, AM Best expects that the April group would provide prompt and sufficient support to Axeria Re should it be required.
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 Understanding 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 rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Source: AM Best
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