A.M. Best Revises Outlooks to Positive for Chubb Seguros Panamá S.A.
The ratings reflect Chubb Panamá’s balance sheet strength, which
The revised outlooks to positive reflect Chubb Panamá´s sound underwriting practices, which supports its consistent operating performance. The company´s balance sheet strength continues to be supported by risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR) and a solid reinsurance program placed with
Chubb Panamá initiated operations in 2008 as
Chubb Panamá’s risk-based capitalization remains fully supportive of its current ratings, as measured by BCAR. The Panamá subsidiary is mainly susceptible to underwriting risk given growth in premiums; however, the company’s strong underwriting results maintain sound overall profitability metrics, reflected in a return on equity of 27.8% in 2017. Moreover, the company benefits from being integrated into the group, gaining operational leverage through the same systems, procedures and ERM practices. The group historically has demonstrated its support to Chubb Panamá through capital injections to fund growth opportunities.
Key factors that could lead to positive rating actions for Chubb Panamá include continued favorable trends in profitability and capital growth supported by good underwriting practices. Conversely, a sharp deterioration in operating performance or a significant weakening of its risk-adjusted capitalization could lead to negative rating actions. Additionally, if
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.
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