AM Best has placed under review with developing implications the Financial Strength Rating of B (Fair), the Long-Term Issuer Credit Rating of "bb" and the Mexico National Scale Rating of "a.MX" of Armour Secure Insurance SA de CV (Armour) (Mexico) following an announcement that it will be acquired by AXA XL.

This transaction is pending regulatory approval from Mexico regulator Comisión Nacional De Seguros y Fianzas (CNSF). The ratings will remain under review until AM Best can fully assess the financial and operational impacts of the acquisition.