The global credit rating agency for the insurance industry, AM Best, maintains a rating of ‘A’ (excellent) with a stable outlook for MAPFRE PRAICO Group in the financial strength category and raises the rating from “a” to “a +”. long-term credit rating. This reaffirms the financial soundness and high level of compliance of the group.
Who is AM Best?
The AM Best agency is an independent global entity that assesses the financial strength and credit quality of insurers. AM Best’s opinion and rating arises from rigorous analysis carried out on insurers that includes the evaluation of financial books, operating performance, business profile and risk management, among other factors. Taking into account the qualification of the insurer when hiring its products and services is something that provides security to its clients about their ability to pay.
Why is this rating important?
The excellence classification gives policyholders the security of being in a solvent company, providing the certainty that in the event of a catastrophe the company will respond according to the type of policy that each one has selected.
MAPFRE, with over 35,000 employees and a presence in more than 100 countries, has over 30 million clients around the world. It is the leading non-life insurer in Latin America, and is among the top ten insurers in Europe and among the top 16 reinsurers in the world.
“Once again we guarantee our financial strength. We are honored with the qualification of excellence reaffirmed by this prestigious entity, which independently and with the highest standards, meticulously evaluates the financial strength and credit quality of insurers. After this analysis, it has determined the level of our solidity and the capacity that we have to comply with the claims of our insured. Today, we reiterate our commitment to Puerto Rico ”, explained Alexis Sánchez, president of MAPFRE PUERTO RICO.
In its evaluation, AM Best confirmed the financial strength rating (“FSR” for its acronym in English) of the MAPFRE PRAICO Group, made up of MAPFRE PRAICO INSURANCE COMPANY and MAPFRE PAN AMERICAN INSURANCE COMPANY at ‘A’ (excellent) and the credit rating Long-term issuer ratio (“ICR”) has been increased from “a” to “a +”. The outlook for both credit ratings has remained stable. AM Best also maintained the financial strength and credit quality rating of MAPFRE RE and MAPFRE S.A. in ‘A’ (excellent) and ‘A +’ (excellent), respectively, with a stable outlook, which reaffirms the overall solidity of the insurer.
Sánchez reiterated that, “the classification serves as a benchmark in the industry and determines which insurers have the resources and stability to fully comply with their obligations.” It reaffirms our solvency in Puerto Rico and globally, which has been instrumental in meeting our obligations to our policyholders, ”Sánchez highlighted.