A.M. Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" of Mapfre Panama S.A. (MAPFRE Panamá) (Panama City, Panama). The outlook of these Credit Ratings (ratings) remains stable.
The ratings reflect MAPFRE Panamá's balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
The ratings reflect MAPFRE Panamá's strong risk-adjusted capitalization and geographic importance to MAPFRE S.A. (MAPFRE Group) in the Central American market, as well as the integration of the MAPFRE Group's practices and procedures into MAPFRE Panamá. The company maintained its market position during 2016 and 2017, and ranked as Panama's third largest insurer as of November 2017.
Source: A.M. Best Ratings Services, Inc. Used under license.
