AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" of Seguros Suramericana SA (Sura) (Panama).
These Credit Ratings (ratings) reflect Sura's balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
Sura's balance sheet strength is underpinned by its risk-adjusted capitalization being at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), supported by a well-structured reinsurance program, synergies provided by Grupo de Inversiones Suramericana S.A. (Grupo Sura), a leading Colombia financial services company in the Latin American insurance, asset management and banking industries, and sound underwriting performance initially driven by its previous integration with Seguros Banistmo, S.A. (Seguros Banistmo) in 2015. Offsetting these positive rating factors is Panama’s highly competitive landscape, which could pressure Sura's operating performance.
