A.M. Best Comments on the Departure of Aviva plc’s CEO
May 11, 2012 by Sheryl J. Moore
Best’s News Service – May 09, 2012 11:08 AM
LONDON – A.M. Best Europe – Rating Services Limited has commented that the financial strength ratings, issuer credit ratings and debt ratings of Aviva plc (Aviva) (United Kingdom) and its subsidiaries are unaffected by the recent announcement that Aviva’s chief executive officer (CEO) is to leave the group at the end of May 2012. A.M. Best notes the recent changes to the senior management team and the potential effects this may have on the group’s strategic business plans. A.M. Best will continue to monitor these developments and assess their implications to Aviva’s ratings.
The ratings of Aviva and its subsidiaries were placed under review with negative implications in December 2011 due to Aviva’s investment risk exposure to several peripheral eurozone economies, Italy in particular. (Please see http://www3.ambest.com/frames/frameserver.asp?site=press&tab=1&altsrc=23&altnum=&refnum=65494655775646496656.) At the time, A.M. Best’s rating actions on Aviva reflected its exposure to the continued deterioration of the sovereign creditworthiness of several eurozone countries and the negative economic outlook for the region. These ratings remain under review pending further analysis.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at http://www.ambest.com/ratings/methodology.
In accordance with Regulation (EC) No. 1060/2009, the following is a link to required disclosures: http://www.ambest.co.uk/AMBERSDisclosure.pdf.
A.M. Best Europe – Rating Services Limited is a subsidiary of A.M. Best Company. Founded in 1899, A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. BN-NJ-05-09-2012 1108 ET #
