AM Best Affirms Credit Ratings of Pacífico Compañía de Seguros y Reaseguros S.A.
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Pacífico Compañía de Seguros y
The ratings reflect PCS’ balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
The ratings of PCS also reflect the company’s strong market share in Perú’s insurance industry, as well as its comprehensive and well-diversified reinsurance program. Limiting the ratings is the adverse effect of the COVID-19 pandemic on Perú, specifically in the life insurance market, which PCS leads as the largest participant.
PCS is Perú’s second-largest insurer overall with a market share of 25%. As of
In 2020, PCS maintained its risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR); however, 2021 bottom line results have pressured its capital base. AM Best will continue to monitor the evolution of the capital base as the economic cycle unfolds. PCS continues to benefit from risk mitigation achieved through diversification and a robust and comprehensive reinsurance program with highly rated reinsurers.
PCS has maintained adequate operating performance, despite the ongoing stress on results derived from the COVID-19 pandemic. As of
The stable outlook reflects that recent price adjustments in lines affected by the COVID-19 pandemic, along with a higher vaccination rate in
Negative rating actions could occur if the company’s underwriting results weaken, and result in a constant reporting of net losses. Negative rating actions may also occur if the company’s risk-adjusted capitalization decreases due to capital outflows or net losses.
This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in
Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
src="https://cts.businesswire.com/ct/CT?id=bwnewssty=20211215005955r1sid=acqr8distro=nxlang=en" style="width:0;height:0" />
View source version on businesswire.com: https://www.businesswire.com/news/home/20211215005955/en/
Elí Sánchez
Associate Director
+52 55 1102 2720, ext. 122
[email protected]
Senior Director, Analytics
+52 55 1102 2720, ext. 107
[email protected]
Manager, Public Relations
+1 908 439 2200, ext. 5159
[email protected]
Director, Communications
+1 908 439 2200, ext. 5644
[email protected]
Source: AM Best
Tort Claimants' Committee for Boy Scouts of America Bankruptcy Rejects Proposed Settlements
Fed Pivots Toward Tackling Inflation, Forecasting Three Rate Hikes In 2022
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News