AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating (FSR) of A- (Excellent), the Long-Term Issuer Credit Rating (Long-Term ICR) of "a-" and the Mexico National Scale Rating of "aaa.MX" of Zurich Aseguradora Mexicana SA de CV (ZAM) (formerly QBE de México Compañía de Seguros S.A. de C.V.) (Mexico). The outlook assigned to these Credit Ratings (ratings) is stable.
After Zurich Insurance Group Ltd (Zurich group) announced its acquisition of QBE Group's Latin American insurance operations, AM Best on March 2, 2018, placed the ratings of ZAM under review with developing implications in response to the uncertainty of the strategic position of the company once the new ownership took place. The under review status was extended on Jan. 24, 2019, as the company's strategic position within Zurich group had yet to be defined.
The ratings reflect ZAM's balance sheet strength, which AM Best categorizes as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.
