Fitch Ratings on Oct. 16 upgraded the national financial strength rating of Banesco Seguros SA to BBB+(pan) from BBB(pan) while assigning a stable outlook.
The rating action reflects the improved credit profile of the Panama-based insurer's parent company, Banesco Panamá SA.
Fitch considers the insurer to be a strategically important operation for Banesco, resulting in a high probability of support from its owner if needed.
As of June, Banesco Seguros had a 1.3% share in the Panamanian insurance market, ranking No. 13 among 23 insurers in the country, Fitch said.