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A.M. Best Affirms Credit Ratings of Reaseguradora Patria, S.A.

A.M.Best has affirmed the Financial Strength Rating of A (Excellent), the Long-TermIssuer Credit Rating (Long-Term ICR) of "a" and the Mexico NationalScale Rating of "aaa.MX" of Reaseguradora Patria S.A.B. (Patria Re) (Mexico). Theoutlook of these Credit Ratings (ratings) is stable.

A.M.Best also has affirmed the Long-Term ICR of "bbb" of Patria Re'sultimate parent, Peña Verde, S.A.B. (Peña Verde) (Mexico). The outlook of thisrating is stable. Per A.M. Best's methodology on insurance holding companies,Peña Verde's rating reflects a standard notching from Patria Re's Long-Term ICRand is in line with companies of the same rating level.

Theratings reflect Patria Re's excellent risk-adjusted capitalization, lowunderwriting leverage, comprehensive enterprise risk management infrastructureand expansive knowledge of its core markets in Latin America, as well as thecompany's strong liquidity metrics and stable overseas operation outside itsniche market, which has reflected no signs of emerging risks in terms ofunderwriting and implementation of its expansion strategy.