Fitch Ratings on Jan. 15 assigned an AA(pan) national insurer financial strength rating, with a stable outlook, to Panama-based Aseguradora Global SA.

The insurer's rating benefits from the support it receives from parent company Global Bank Corp. The support includes brand considerations as well as administrative and cost synergies, which are important competitive advantages for the company over other industry players.

Despite being a small competitor within Panama's insurance sphere, Aseguradora Global has "outstanding profitability levels relative to the market in which it operates," Fitch said. The insurer also has a high capacity of internal generation, albeit a reduced equity base, and maintains an investment policy in line with its parent bank that supports its liquidity, Fitch added.