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A.M. Best Affirms Credit Ratings of General de Seguros S.A.B.

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A.M. Best Affirms Credit Ratings of General de Seguros S.A.B.

A.M.Best has affirmed the Financial Strength Rating (FSR) of B++ (Good) and theLong-Term Issuer Credit Rating (Long-Term ICR) of "bbb+" of (Genseg) (Mexico City, Mexico). The outlook of these Credit Ratings (ratings)is stable.

Theratings reflect Genseg's strong risk-based capitalization and profitableoperation. Historically, Genseg has been able to increase capital and achievefavorable results given its sound but volatile underwriting results, consistentinflow of investment income and experienced management team. Moreover, thecompany's financial strength is enhanced by its solid reinsurance program.

Partiallyoffsetting these positive rating factors is the volatility in Genseg's results,initially arising from its exposure to catastrophe risks within itsagricultural line of business and the strong competitive landscape on its mainbusiness lines.