Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 32 n° 341

Posts Tagged ‘seguros’

AM Best Revises Outlooks to Positive for Pacífico Compañía de Seguros y Reaseguros S.A.

Posted by fidest press agency su martedì, 10 dicembre 2019

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Pacífico Compañía de Seguros y Reaseguros S.A. (PCS) (Lima, Perú). The ratings reflect PCS’s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).The revision of the outlooks to positive reflects the gradual strengthening of PCS’ balance sheet after achieving capital efficiencies from the consolidation of its property/casualty (P/C) and life operations, as well as improving economic conditions in Peru. AM Best expects that the company’s risk-adjusted capitalization will remain supported by its appropriate ERM.The ratings of PCS also reflect the company’s strong market share in Peru’s insurance market, as well as its comprehensive and well-diversified reinsurance program. Limiting the ratings is Peru’s competitive landscape within the company’s key segments such as auto, health and life, which have a limited number of insurers when compared with more developed insurance markets. PCS is Peru’s second-largest insurer with a market share of 26.2%. As of October 2019, the company’s business portfolio was composed of 53% life and 47% non-life. Its ultimate parent is Peru’s largest financial holding company, Credicorp Ltd. [NYSE: BAP], which had USD 52.6 billion in assets as of December 2018. After two years of consolidating its life and property/casualty (P/C) business into PCS, the company has maintained its risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). PCS benefits from risk mitigation achieved through diversification and a robust and comprehensive reinsurance program with highly rated reinsurers.PCS has maintained adequate operating performance, with life-side investment products contributing to the result, while P/C products have performed significantly well with positive technical results despite a lower level of new car sales in the auto segment. Historically, the company has reported healthy growth rates despite diverse market events in recent years.Positive rating actions could take place if the company is able to maintain its risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio, supported by consistent operating results and appropriate ERM.Negative rating actions could take place if the company’s underwriting results weaken due to relaxed underwriting standards or a more aggressive risk appetite that could erode capital to levels that no longer support the net required capital for the risks the company faces.

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AM Best Affirms Credit Ratings of General de Salud, Compañía de Seguros, S.A.

Posted by fidest press agency su mercoledì, 6 novembre 2019

AM Best has affirmed the Financial Strength Rating of A- (Excellent), the Long-Term Issuer Credit Rating of “a-” and the Mexico National Scale Rating (NSR) of “aaa.MX”of General de Salud, Compañía de Seguros, S.A. (Gsalud) (Mexico City, Mexico). The outlook of these Credit Ratings (ratings) is stable.The ratings reflect Gsalud’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).Gsalud’s balance sheet strength is supported by risk-adjusted capitalization at a very strong level, as measured by Best’s Capital Adequacy Ratio (BCAR), strong underwriting practices and a supportive reinsurance program. The ratings also recognize Gsalud’s affiliation and strategic importance to its ultimate parent, Peña Verde, S.A.B., the leading group in Mexico’s (re)insurance industry, which provides synergies and operating efficiencies. Offsetting these positive rating factors are Gsalud’s concentration in one business line that is within Mexico’s highly competitive health insurance market.Gsalud is a fully owned subsidiary of General de Seguros, S.A.B. (General de Seguros) and focused solely on health insurance. The company provides products mainly in the individual and collective health segments, as well as for major medical expenses. Gsalud has used the same distribution channels as General de Seguros, which involves agents, brokers and commercial offices.Gsalud’s very strong risk-adjusted capitalization is maintained despite its increased risk appetite, as reflected by a higher exposure to shares, which makes the company susceptible to equity risk, according to BCAR. Historically, the company’s strong underwriting practices have resulted in positive technical performance with no dependence on investment revenue to achieve positive bottom line. AM Best expects the company to maintain this trend. In 2018, underwriting practices coupled with investments results, sustained profitability as reflected in a 7.8% return on equity The company benefits from being integrated into the Peña Verde, S.A.B. group, gaining operational advantage through common systems, procedures and ERM practices. AM Best expects underwriting results to further reinforce the company’s operating performance, and thus capitalization levels. Factors that may trigger positive rating actions include a continued generation of underwriting earnings that strengthen risk-adjusted capitalization levels. The company’s current ratings could come under pressure should a lack of underwriting discipline result in overall profitability falling short of AM Best’s expectations, or if capitalization is no longer supportive of the current ratings.

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Assicurazioni Generali S.p.A. Assigns Credit Ratings to Generali España, Sociedad Anonima de Seguros y Reaseguros

Posted by fidest press agency su sabato, 12 gennaio 2019

AM Best has upgraded the Long-Term Issuer Credit Rating (Long–Term ICR) to “a+” from “a” and affirmed the Financial Strength Rating (FSR) of A (Excellent) of Assicurazioni Generali S.p.A. (Generali) (Italy) and its main rated subsidiaries. The outlook of the Long-Term ICR has been revised to stable from positive while the outlook of the FSR remains stable. AM Best also has upgraded the Long-Term Issue Credit Ratings (Long-Term IRs) of debt instruments issued or guaranteed by Generali. The outlook of these Long-Term IRs has been revised to stable from positive. Concurrently, AM Best has assigned the FSR of A (Excellent) and a Long-Term ICR of “a+” to Generali España, Sociedad Anonima de Seguros y Reaseguros (Generali España) (Spain). The outlook assigned to these Credit Ratings (ratings) is stable. (See below for a detailed list of companies and debt instruments.)
The ratings reflect Generali’s balance sheet strength, which AM Best categorises as strong, as well as its strong operating performance, very favourable business profile and appropriate enterprise risk management.The upgrade of the Long-Term ICR reflects Generali’s record of consistently strong profitability in challenging market conditions, reflective of the successful execution of the group’s strategic plan, focusing on technical discipline and adapting to a persistent low interest rate environment. Generali’s balance sheet strength is underpinned by risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), at the strongest level, which has benefitted from ongoing solid organic capital generation over recent years. The group had a regulatory solvency ratio of 200% as at 30 September 2018. An offsetting rating factor remains Generali’s significant exposure to Italian sovereign bonds, amounting to EUR 60.0 billion as at 30 June 2018 (254% of shareholders’ equity). Whilst AM Best notes that Generali holds the majority of these sovereign bonds for asset and liability management purposes, this, together with significant investment exposure to financial institutions, leaves the group’s risk-adjusted capitalisation sensitive to shocks in the financial markets. The balance sheet strength assessment also factors in Generali’s financial leverage, which is higher than most peers.Generali demonstrates strong operating performance, resilient to the challenging market conditions prevailing in its core European markets, with the group reporting an operating result of EUR 3.6 billion for the first nine months of 2018. Profitability is driven by solid technical metrics. At year-end 2017, the five-year weighted average non-life combined ratio stood at 93.7% (as per AM Best’s calculation). The life segment produced an improved new business margin (standing at 4.01% at year-end 2017 – calculated on present value of new business premiums), driven by the management actions taken to reduce the average embedded guarantee within the life book and develop capital efficient products to augment profitability. The disposal of Generali Lebensversicherung AG in Germany has reinforced this plan, whilst reducing the group’s exposure to interest rate risk.Generali remains one of the largest insurers in Europe, with gross written premium in excess of EUR 66 billion in 2017. The group’s very favourable business profile is supported by leading and defensible positions in each of its core markets, namely Italy, Germany, France and Central and Eastern Europe, and is underpinned by a solid franchise. Generali benefits from excellent access to market as a result of its multi-channel distribution strategy, with a strong proprietary network.

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