Aon subsidiary Combined Specialty Group (CSG) has had the financial ratings of its seven insurance subsidiaries placed under review by AM Best. The ratings agency put CSG under review with “negative implications” following Aon’s second-quarter earnings announcement in which it withdrew its original plans to spin-off the company, which forms the accident and health and property and casualty underwriting operations of Aon.

Weak profits from Aon’s underwriting operations and the potentially unfavourable resolution of financial reporting matters involving the US Securities Exchange Commission were reasons AM Best provided for its ratings action.

“The ratings review further signals the significant uncertainties surrounding the ultimate ownership of CSG and the adverse impact from one-time charges taken in the second quarter,” AM Best said in a statement.

Despite the negative implications, the agency said it believes CSG’s core specialty accident/health and warranty operations remain fundamentally sound.