AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of
The ratings reflect Nacional’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
Nacional’s risk-adjusted capitalisation remains at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), primarily supported by modest underwriting leverage. The company’s balance sheet strength assessment also reflects its prudent reserving approach and limited catastrophe exposure, as most natural perils in
Nacional’s disciplined underwriting approach and limited exposure to natural catastrophes have contributed to consistently strong technical results, demonstrated by a five-year (2016-2020) weighted average combined ratio of 94.1%. In 2020, the company’s loss ratio deteriorated to 66.8% (2019: 63.2%), driven by COVID-19-related losses in its non-domestic portfolio combined with losses from storm Gloria in
Nacional maintains a strong competitive position as a leading reinsurer in
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Source: AM Best