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Fitch affirms Mapfre Seguros Costa Rica's rating with stable outlook

Fitch Ratings on Dec. 19 affirmed MAPFRE Seguros Costa Rica SA's national financial strength rating at AAA(cri) with a stable outlook.

In its affirmation, Fitch said the rating action is based on the insurer's adequate credit profile that is reflected in its adequate profitability, leverage and liquidity positions.

The rating agency noted the company's partial support from its major shareholder MAPFRE SA and the insurer's relevant role within the group. It also took into account the technical knowledge and best practices transmitted by its shareholder, in addition to equity support and business integration.

Fitch highlighted that the insurer's operating and catastrophic contracts are protected by its parent, which means the maximum probable loss within the insurer's current scope equates to 3.6% of its net assets per event.

In terms of liquidity, the insurer has a "proper balance" and "good coverage" of its liquid assets in relation to reserves and obligations, the rating agency noted.