Moody's lowers AXIS Capital view to negative

Moody's Investors Service said it affirmed the ratings of AXIS Capital Holdings Ltd. and its subsidiaries, including the Baa1 guaranteed senior debt of its finance subsidiaries.

Moody's also said it changed the outlook to negative from stable, primarily reflecting lower capitalization and higher operating and financial leverage relative to peers.

The ratings reflect the company's diversified mix of specialty insurance and reinsurance businesses with expertise in niche markets, good historical operating returns, solid reserve position and high quality fixed-income portfolio, the agency said.

These strengths are tempered by meaningful catastrophe exposure including terrorism risk, elevated operating and financial leverage relative to similarly-rated peers, Moody's said

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