The ratings of AXA Art reflect its strong risk-adjusted capitalization, historically superior operating results and its recognized insurance expertise within the fine arts industry. In addition, the ratings reflect the implicit and explicit support provided by AXA and its subsidiaries through the utilization of internally available insurance capacity in the form of significant reinsurance transactions. The reinsurance transactions include excess of loss agreements with its intermediate parent, AXA Art Versicherung AG, and the aforementioned 60% quota share with AXA Insurance Company. These positive factors are partially offset by the company’s product line/market concentration, the increasingly competitive market conditions in the fine arts industry and AXA Art’s expense ratio disadvantage relative to industry peers.Both Coliseum Re and Mosaic remain in run off. In January 2007, Mosaic entered into an aggregate quota share agreement with Coliseum Re, reinsuring 100% of the remaining net technical liabilities including any uncollectible insurance and reinsurance. As such, Mosaic lacks a true risk profile as it has no loss reserves on its balance sheet and it is not generating any written premium. Coliseum Re continues to maintain adequate capitalization and liquidity relative to its run-off activities.
A.M. Best Affirms Ratings Of U.S. Subsidiaries Of AXA S.A.
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