A.M. Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of "a" to MAPFRE España Compañía de Seguros Y Reaseguros SA (Mapfre España) (Spain). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Mapfre España's balance sheet strength, which A.M. Best categorises as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also factor in the strategic importance of Mapfre España to Mapfre SA (MAPFRE), as it is a key contributor of premium revenue and earnings for the group. Mapfre España is the group's engine for writing non-life business in the Iberian Peninsula.
Mapfre España has a strong position in Spain's market as a top five domestic non-life insurer, being a market leader in the retail motor, third-party liability and homeowner business segments. The company's business profile is supported by its diverse distribution capabilities, including an extensive agent distribution network that allows excellent access to business and assists in maintaining a leading position in a highly competitive operating environment.
