S&P revises AXIS to negative

S&P said it revised the outlook on AXIS Capital Holdings Ltd. to negative from stable

The agency also affirmed the company’s A- long-term counterparty credit and senior debt ratings, and the A+ long-term counterparty credit and financial strength ratings on its core operating subsidiaries.

S&P said the negative outlook reflects its concerns about the level of redundancy at the AAA level on a pro-forma consolidated basis.

The agency believes the existing capital redundancies will shrink significantly as AXIS integrates Novae during the next couple of years.

In addition, the outlook change reflects the potential stress on the new consolidated group's business profile, given the expected growth in the London market and the potential volatility in earnings in light of the headwinds in the company's key (re)insurance segments, S&P explained.

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