A.M. Best Affirms Credit Ratings of Aseguradora Ancón, S.A.
The ratings reflect Ancón’s balance sheet strength, which
Ancón maintains adequate risk-adjusted capitalization at an assessed level of adequate, supported by a well-structured reinsurance program that covers the company’s different business lines, as well as a stable loss ratio. Offsetting these positive rating factors is the slow dynamism of Panama’s insurance market in recent years and the strong competition Ancón faces in its main segments.
Ancón is the sixth-largest insurer in
In 2017, the company’s combined ratio deteriorated, derived from lower commissions from ceded premiums; however, Ancón maintained a stable loss ratio and continued to benefit from reserve releases that started in 2014.
The prudent business strategy in terms of retention and growth has allowed Ancón to maintain stable levels of required capital while producing positive results and growth of its reported surplus. A comprehensive reinsurance program set with highly rated reinsurers further supports Ancón’s risk adjusted capital.
Panama’s insurance market so far in 2018 has shown improvements over the past two years, and as of
Positive movement in Ancón’s ratings or outlooks could take place if the company continues to implement its strategy in a profitable manner with continued support from its strong reinsurance program and stable levels of risk-adjusted capitalization. Negative rating actions could occur if the company’s operating results show a negative trend of sustained losses that affect its capitalization or business profile.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181010005904/en/
Elí Sánchez
Senior Financial Analyst
+52 55 1102 2720, ext. 108
[email protected]
or
Manager, Public Relations
+1 908 439 2200, ext. 5159
[email protected]
or
Senior Director, Analytics
+52 55 1102 2720, ext. 107
[email protected]
or
Director, Public Relations
+1 908 439 2200, ext. 5644
[email protected]
Source:
Global Reinsurance Market 2018-2025 Emerging Trends and Growing Industry by Key Vendors (Munich Re, Swiss Re, Hannover Re, SCOR SE, Lloyd’s): With an CAGR of 1.9%
Tufts Health Plan Medicare Plans Earn 5 Stars from Centers for Medicare and Medicaid Services for Fourth Straight Year
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News