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Fitch affirms Seguros Bolivar Aseguradora Mixta at AAA(cri)


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Fitch affirms Seguros Bolivar Aseguradora Mixta at AAA(cri)

Fitch Ratingson Oct. 4 affirmed the national financial strength rating of Seguros Bolívar Aseguradora Mixta SA at AAA(cri), with astable outlook.

The rating reflectsthe support the insurer would receive from sole shareholder Davivienda if required.Fitch also considered the strategic importance of the insurer to its shareholderas well as the technical, commercial and operational integration between them.

Fitch notedthat Seguros Bolívar Aseguradora Mixta is expecting to continue strong growth onthe back of its synergies potential with BancoDavivienda (Costa Rica) SA, given the consolidation of their businesses. The rating agency believesthe insurer will show growth in its financial performance and profitability dueto the consolidation.

Despite moderatedecrease in total assets in the last 18 months, the insurer maintains comfortablecapitalization and low leverage levels, which is a good platform to sustain growthand support both liquidity and profitability, Fitch said. Company solvency alsoremains adequate due to the support of Davivienda, the agency noted.

In additionto a strong equity base, the insurer also shows appropriate reserve and liquidityposition which support the expected growth of the insurer.