New York-based Standard & Poor's Ratings Services announced yesterday that it has raised credit and debt ratings for Bermuda-based AXIS Capital and also uped the financial strength ratings of its insurance subsidiaries to "A-plus" from "A."
S&P Analyst Laline Carvalho said the upgrade "reflects our view that AXIS has consistently outperformed most of its peers, with strong operating results since its inception in 2001."
"We believe AXIS's earnings quality is also strong, as demonstrated by a history of moderate earnings volatility relative to peers, even including large loss years such as 2005 and 2008," Ms. Carvalho continued.
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