A.M. Best Affirms Credit Ratings of MAPFRE Panamá S.A.
The ratings reflect MAPFRE Panamá’s balance sheet strength, which
The ratings reflect MAPFRE Panamá’s strong risk-adjusted capitalization and geographic importance to MAPFRE S.A. (
Partially offsetting these positive rating factors are the slow growth in Panama’s insurance industry, competitive dynamics that persist in the property/casualty segment and uncertainty over underwriting performance of the upcoming compulsory auto insurance in the country.
MAPFRE Panamá is the second largest auto insurer in
MAPFRE Panamá’s solid capital base and good reserve position provide a solid base for financial flexibility and strong risk-adjusted capitalization levels. A.M.Best expects that the ERM practices and procedures implemented from the
MAPFRE Panamá’s combined ratio as of
The strong competitive environment in Panama’s insurance market, especially in segments in which MAPFRE Panamá has leading positions, continues to generate soft market conditions and increase risk appetites across the industry, presenting operating performance challenges in specific segments such as auto, individual life and health.
Negative rating actions could result from a significant reduction in MAPFRE Panamá’s risk-adjusted capitalization, either by constant deterioration in its underwriting performance or unexpected losses that render this measure to a level that no longer supports the current ratings, or if the company deviates significantly from the policies, practices and benefits assumed from its association with
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
Key insurance criteria reports utilized:
- Evaluating Country Risk (
Oct. 13, 2017 ) - Understanding Universal BCAR (
Oct. 13, 2017 ) - Catastrophe Analysis in A.M. Best Ratings (
Oct. 13, 2017 )
View a general description of the policies and procedures used to determine credit ratings. For information on the meaning of ratings, structure, voting and the committee process for determining the ratings and monitoring activities, please refer to Understanding Best’s Credit Ratings.
- Previous Rating Date:
Feb. 3, 2017 . - Date of Financial Data Used:
Nov. 30, 2017 .
This press release relates to rating(s) that have been published on
While the information obtained from the material source(s) is believed to be reliable, its accuracy is not guaranteed.
A.M. Best’s credit ratings are independent and objective opinions, not statements of fact.
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180131006118/en/
Elí Sánchez
Senior Financial Analyst
+52 55 1102 2720, ext. 108
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+1 908 439 2200, ext. 5159
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