A.M. Best Upgrades Issuer Credit Rating of Chubb Seguros Panama S.A.
The upgrade of the Long-Term ICR reflects Chubb Panama’s continued strong risk-adjusted capitalization, its diversified business profile, a solid reinsurance program placed with
Chubb Panama initiated operations in 2008 as
Chubb Panama’s risk-based capitalization remains fully supportive of its current ratings, as measured by Best’s Capital Adequacy Ratio (BCAR). The Panamanian 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 24% in 2016. Moreover, the company benefits from being integrated into the group, gaining operational leverage through the same systems, procedures and enterprise risk management practices. The group historically has demonstrated its support to Chubb Panama through capital injections to fund growth opportunities.
Key rating factors that could lead to positive rating actions for Chubb
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:
- Analyzing Insurance Holding Company Liquidity (Version
March 25, 2013 ) - Catastrophe Analysis in A.M. Best Ratings (Version
Nov. 3, 2011 ) - Evaluating Country Risk (Version
May 2, 2012 ) -
Insurance Holding Company and Debt Ratings (VersionMay 6, 2014 )
- Rating Members of Insurance Groups (Version
Dec. 15, 2014 ) - Risk Management and the Rating Process for Insurance Companies (Version
April 2, 2013 ) - Understanding Universal BCAR (Version
May 1, 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:
Oct. 27, 2016 - Date of Financial Data Used:
June 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 © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171005005937/en/
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