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A.M. Best Upgrades Mexico National Scale Rating of Grupo Mexicano de Seguros S.A. de C.V.

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A.M. Best Upgrades Mexico National Scale Rating of Grupo Mexicano de Seguros S.A. de C.V.

A.M.Best has upgraded the Mexico National Scale Rating (NSR) to a+.MX from "a.MX"and affirmed the Financial Strength Rating (FSR) of B++ (Good) and theLong-Term Issuer Credit Rating (Long-Term ICR) of "bbb" of (GMX) (Mexico). The outlook of the NSR and the Long-Term ICR has been revisedto positive from stable, while the outlook of the FSR remains stable.

TheCredit Rating (rating) actions reflect GMX's improved underwriting practicesand reinsurance program placed among counterparties with a strong level ofsecurity and a well-planned business strategy, in line with a strongrisk-adjusted capitalization level. The ratings also recognize GMX'saffiliation with its immediate parent, GMS Valore, S.A. de C.V. (formerly GrupoMaxasem), which includes the synergies and operating efficiencies the companyenjoys as a member of this group. Offsetting these positive rating factors arethe strong competitive environment GMX experiences in its main business linesthat could pressure future underwriting performance.

Thecompany initiated operations in Mexico City in 1998. GMX underwritesproperty/casualty insurance and ranked twelfth in this segment, with 2.7%market share based on written premiums in 2015. The company's main businessline is personal liabilities, and it operates mainly through a network ofindependent agents and promoters, as well as online sales.