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 upped 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."
She said in a statement, "We believe AXIS' 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."
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