S&P revises AXIS Capital view to negative

S&P said it revised the outlook for AXIS Capital Holdings Ltd. to negative from stable and affirmed its A-issuer rating on the holding company and the A+ issuer rating of the core operating companies.

“The negative outlook means that we could lower the ratings if AXIS' strategic initiatives don't improve its operating metrics within the next two years. We also expect the company to maintain its strong competitive position supported by hardening re/insurance pricing, while maintaining excellent capitalization that is redundant at the AAA confidence level as of year-end 2019 and expected to remain so through 2022,” S&P said in a press release.

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