LONDON--(BUSINESS WIRE)-- A.M. Best Europe - Rating Services Limited has placed under review with developing implications the financial strength rating of C (Weak) and issuer credit ratings of "ccc+" of B&B Insurance Co., OJSI (B&B) (Belarus).
These rating actions follow the announcement that AXA Central & Eastern Europe, a subsidiary of France-based insurance and financial services provider, AXA S.A., has acquired 80% of B&B, pending, amongst others, regulatory approvals, with a view to expanding its presence in Eastern Europe.
The under review status with developing implications reflects the potential benefits this could bring to the company whilst at the same time highlighting the fact B&B has been unable to provide any information surrounding the deal.
The principal methodology used in determining these ratings is Best's Credit Rating Methodology -- Global Life and Non-Life Insurance Edition, which provides a comprehensive explanation of A.M. Best's rating process and highlights the different rating criteria employed. Additional key criteria utilised include: "Risk Management and the Rating Process for Insurance Companies" and "Understanding BCAR for Property/Casualty Insurers". Methodologies can be found at www.ambest.com/ratings/methodology.