American International Assurance Company (Bermuda) Ltd.'s (AIA Bermuda) 'A+' Insurer Financial Strength (IFS) rating currently on Rating Watch Evolving has been withdrawn by Fitch Ratings.

AIA-Bermuda's parent, AIA Group Ltd. (AIA Group), recently completed its initial public offering (IPO) and Hong Kong Stock Exchange listing. Prior to its IPO, AIA-Bermuda was an indirect wholly-owned subsidiary of American International Group Inc. (AIG).

George Cubbon, president and CEO of AIG's Bermuda operations, said that although AIA was a Bermuda-based company its recent spin off would have no impact on the company's operations here.

The company's rating was assigned and maintained consistent with Fitch's criteria for rating insurance groups and thus AIA-Bermuda's rating reflected attributes of the overall AIG organisation.

Prior to its withdrawal, Fitch's last rating action on AIA-Bermuda was to revise the Rating Watch status on the company to Evolving from Positive in June 2010 upon the termination of AIG's agreement to sell AIA Group to Prudential plc. Fitch currently does not view maintaining AIA's ratings as relevant to the agency's coverage and has decided not to provide rating coverage of AIA Group or AIA Bermuda, but may provide coverage in the future.