A.M. Best Upgrades Credit Ratings of Solunion Seguros, Compañía Internacional de Seguros y Reaseguros S.A.
Solunion is the operating holding company of the Solunion group of companies, a 50-50 joint venture established in 2013 between MAPFRE GLOBAL RISKS, Compañía Internacional de Seguros y
The ratings reflect Solunion’s balance sheet strength, which
The upgrade of the ratings reflects A.M. Best’s view that the importance of Solunion to its joint shareholders, as their exclusive writer of trade credit insurance business in
Solunion’s balance sheet strength is underpinned by its risk-adjusted capitalisation being at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), a prudent reserving approach and conservative investment and reinsurance strategies. The company maintains capital buffers to cushion against the effects of a heightened insolvency environment.
Although the company’s performance was mixed during its first years of operation, there has been a steady improvement in the technical and investment returns. The results in the first half of 2018 are positive and benefit from the introduction of the new bonding insurance business. Headwinds for prospective performance include uncertainty around the sustainability of the trade credit results given the high level of competition, and the pressure that years of relatively low claims experience has placed on rates and terms and conditions.
Solunion is able to leverage the expertise and capabilities of Euler Hermes, the leading global trade credit insurer, whilst accessing MAPFRE’s widespread and established distribution channels in its target markets, particularly 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
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