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Fitch affirms A(dom) rating of Dominican Republic's Seguros Sura

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Fitch affirms A(dom) rating of Dominican Republic's Seguros Sura

Fitch Ratings on Aug. 11 affirmed the A(dom) national insurer financial strength rating, with a stable outlook, on Seguros Sura.

The rating reflects the insurer's sustained improvement in its internal capital generation and adequate liquidity indicators. Fitch also considers the insurer's adequate and broad coverage shown in its reinsurance and risk management scheme, resulting in a conservative asset exposure to catastrophic events and which is below its peers in the market.

Fitch also bases its rating on an implicit partial support, in case of need, from Seguros Sura's majority shareholder, Seguros Suramericana.

In the last two years, Seguros Sura managed to reverse the negative results seen in previous years, due to a slight improvement in efficiency indicators that compensated for the greater accident rate. Fitch expects the insurer to continue consolidating the results and begin a stable stage of profitability and value generation.