A.M. Best Upgrades Credit Ratings of General de Salud Compañía de Seguros S.A.
The ratings reflect Gsalud’s balance sheet strength, which
The rating upgrades reflect Gsalud’s balance sheet strength that is underpinned by risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), strong underwriting practices and supportive reinsurance program. The ratings also recognize Gsalud’s affiliation and strategic importance to its ultimate parent, Peña Verde, S.A.B., a leading group in Mexico’s (re)insurance industry, which provides synergies and operating efficiencies. Offsetting these positive rating factors are Gsalud’s concentration in one business line and the highly competitive health insurance market.
Gsalud is a fully owned subsidiary of General de Seguros, S.A.B. (General de Seguros) and focused solely on health insurance. The company provides products mainly in the individual and collective health segments, as well as for major medical expenses. Gsalud has used the same distribution channels as General de Seguros, which involves agents, brokers and commercial offices.
Gsalud’s strongest risk-adjusted capitalization is maintained despite its increased risk appetite, as reflected by a higher exposure to shares, which makes the company susceptible to equity risk according to BCAR. Historically, the company’s strong underwriting practices have resulted in positive technical performance with no dependence on investment revenue to achieve positive bottom line.
The company’s investment policies are conservative, providing a steady flow of revenue to support its positive operating results. Moreover, the company benefits from being integrated into the Peña Verde, S.A.B. group, gaining operational leverage through common systems, procedures and ERM practices.
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/20181011005861/en/
Financial Analyst
+52 55 1102 2720, ext. 109
[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:
Berkley Canada to Celebrate 10 Years
Acute Intermittent Porphyria Market 2018: New Investment Opportunities Emerge to Widen Segments in Healthcare Industry by 2023
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News