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Mapfre Panama given top ratings by insurance agency

Wednesday, August 8, 2012

A.M. Best, the insurance ratings agency, has affirmed the financial strength rating of ‘A-’ (Excellent) and issuer credit rating of “a-” of Mapfre Panama, both with stable outlooks.

Best said the “ratings reflect Mapfre Panama’s solid capitalization, consistent overall earnings, generally favorable underwriting performance and local market expertise. Mapfre Panama operates as a composite insurer of life and non-life business and remains one of the three largest domestic insurance companies in Panama.”

Best explained that the “company’s favorable underwriting results and investment income have resulted in consistent overall earnings, which have led to organic surplus growth in recent years.

Source: Insurance Journal