AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of ASSA Compañía de Seguros S.A. (ASSA) (Panama City, Panama). The outlook of the FSR is stable, while the outlook of the Long-Term ICR is positive. ASSA is a subsidiary of ASSA Compañía Tenedora, S.A. and is owned ultimately by Grupo ASSA, S.A., a financial service holding company publicly traded on the Panama Stock Exchange.
The Credit Ratings (ratings) reflect ASSA’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management.
The positive Long-Term ICR outlook is based on ASSA’s consistent operating performance, which AM Best expects to be sustained over the long term while growing its top line amid market developments and economic recovery.
The ratings also reflect ASSA’s balance sheet strength, which is underpinned by its risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), sustained good underwriting quality and profitability, solid capital management, an adequate reinsurance program and a supporting risk management framework for its risk profile. Additionally, the company has been able to maintain adequate financial leverage by repaying ahead of schedule most of the financing used in the 2018 transaction when ASSA acquired 100% of Assicurazioni Generali S.p.A.’s (Generali) Panama branch.
ASSA is a Panama-based insurer established in 1980 and ranks as the largest insurance company in Panama in terms of market share, based on premium. The company, which has a subsidiary in El Salvador, is diversified geographically and has a diversified portfolio of products and investments, with net premiums written mainly composed of auto, individual and group life and health insurance. ASSA operates through a network of brokers, agents and…
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