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S&P affirms Mexico's HDI Seguros

S&P Global Ratings on Aug. 3 affirmed the national scale financial strength ratings of HDI Seguros SA de CV at mxAAA with a stable outlook.

S&P said the company's rating reflected adequate capitalization levels and characteristics of adequate financial flexibility and its limited exposure to risks that could add volatility to its results and to its adjusted total capital.

On the other hand, the rating agency said HDI Seguros' individual credit profile was partially limited by its high concentration in the auto insurance segment and a business strategy which has resulted in "rapid growth [...] taking into account the current and expected competitive dynamics in that market."

"We believe that these factors could make the insurer more vulnerable to its main competitors if market conditions become unfavorable for the company," S&P Global Ratings added.

S&P said it considers HDI Seguros as a strategically important subsidiary for its parent company Talanx Primary Insurance Group, which would support its individual credit profile over the next 24 months. The rating agency also expects the company to operate with adequate levels of profitability and capital adequacy, as is reflected in the stable outlook.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.