S&P upgrades ratings on Axis capital
RATING agency Standard & Poor’s (S&P) has upgraded the counterparty credit rating of Bermudian insurer/reinsurer Axis Capital Holdings to single A minus from triple B plus and has raised the counterparty credit and financial strength ratings on Axis Capital’s operating units to single A plus from single A, saying that the group had consistently outperformed most of its peers, had demonstrated moderate earnings volatility, and had a strong competitive position, seasoned management, very strong capital adequacy, and liquidity S&P added that Axis had also improved its enterprise risk management framework, and that the insurer’s investment portfolio had relatively limited downside risk.