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Moody’s applies Baa1 to AXIS notes
Moody's Investors Service said it assigned a Baa1 rating to $350 million of 10-year senior unsecured notes being issued by AXIS Specialty Finance plc and unconditionally guaranteed by AXIS Capital Holdings Ltd.
The notes are being issued off the group's multi-issuer/multi-seniority shelf registration, to which Moody's has assigned provisional ratings (senior unsecured provisional Baa1).
The issuer expects to use net proceeds to prefund the existing $250 million, 2.65% senior unsecured notes due 2019, and for general corporate purposes.
The outlook is stable.
“AXIS' ratings reflect its diversified mix of specialty insurance businesses with expertise in niche markets, good operating returns, solid reserves, and high-quality fixed income portfolio,” Moody’s said in a news release.
“These strengths are tempered by the inherently higher risk in specialty lines versus standard lines, the company's focus on long-tail lines with potential reserve volatility, meaningful catastrophe exposure including terrorism risk, and high dependence on three insurance brokers.”
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