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Axa Re Finance S.A. May 01
Standard & Poors, May 2001
Abstract
The ratings on Axa Re Finance S.A. reflect: Conservatively underwritten, low-risk books of bond insurance and credit insurance business; Satisfactory market positions for both product lines; Hard and soft capital levels consistent with 'AAA' standards; and Structural and operating independence from its parent company. The low-risk profile of the company's financial guarantee book of business generally mirrors that of the overall bond insurance industry. The company's weighted-average municipal capital charge is 12.6% and its weighted-average asset-backed capital charge is 4.25%. Both risk measures are down from a year earlier. The quality of Axa Re Finance's reinsured bond insurance business largely reflects the conservative underwriting characteristics of principal ceding companies MBIA Insurance Corp., Ambac Assurance Corp., and Financial Guaranty Insurance Co....
Companies mentioned in this report are: Axa Re Finance S.A.
Action: Affirmed
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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