Fitch has affirmed the “BBB+” insurer financial strength rating of Maxseguros EPM Re.
The rating of Maxseguros is in line with its parent’s rating, Empresas Publicas de Medellin (EPM), a state-owned Brazilian utility company.
Maxseguros, based in Bermuda, is a core captive reinsurance company of EPM.
The captive reinsurer controls EPM’s insurance programmes and plays an important role in the strategic plan of EPM to seek optimum retentions and to have better control of its risk and exposures. In addition, Maxseguros provides technical optimisation in the insurance programme.
Maxseguros’s capital position has strengthened over the last five years. Its total capital was $40.6 million at the end of September 2015, compared to $3.06 million at the end of 2010.
