A.M. Best Affirms Credit Ratings of MAPFRE PRAICO Group Members
The ratings reflect MPG’s balance sheet strength, which
The balance sheet strength is derived from risk-adjusted capitalization at the strong level, which benefits from a high quality investment portfolio, comprehensive reinsurance program and strong liquidity measures, partially offset by a change in the trend of loss reserve development to adverse from favorable in the last two calendar years. Surplus growth in the recent five-year period also was constrained by significant dividend payments to the parent company.
Operating performance is considered strong, as evidenced by the group’s five-year average pre-tax return on revenue and equity measures that significantly outperformed the averages for the private passenger standard automobile and homeowners’ composite. With the exception of 2017, when results were impacted negatively by losses from Hurricanes Maria and Irma, net underwriting income results have been consistently positive and compare favorably with peer averages.
The limited business profile is driven by the geographic exposure to
The ratings also benefit from the role and strategic importance of MPG as an attractive market to its parent company, MAPFRE S.A. (MAPFRE), one of the largest insurance groups in
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.
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