A.M. Best still reviewing Aviva after management overhaul

Aviva’s UK division is still under review from A.M. Best due to the departure of chief executive Andrew Moss and a strategic overhaul, according to a statement from the rating agency.

However, A.M. Best has renewed Aviva UK’s previous financial strength rating of A and its issuer credit ratings of a+.

Last December A.M. Best put Aviva UK’s ratings under review because of the insurer’s exposure to the eurozone crisis.

The A.M. Best statement said: “Subsequently, A.M. Best has developed more confidence in Aviva’s capital position in relation to its eurozone exposure; however, the ratings remain under review due to the recently announced strategic evaluation of its businesses and changes to its senior management, especially the departure of the chief executive officer.”

The rating agency said that Aviva is still exposed to peripheral sovereign and financial institutions debt, but that its business profile is well diversified.

The statement added: “A.M. Best will continue to monitor the situation and expects to resolve the under review status once there is more clarity with regard to Aviva’s ongoing business strategy.”