AM Best has affirmed the financial strength rating of ‘A-’ (Excellent) and the long-term issuer credit rating of ‘a-’ (Excellent) for Bermuda-based firm, Maxseguros.
The outlook of these credit ratings has also been noted as ‘stable’.
The ratings demonstrate Maxseguros’ balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The ratings also highlight the company’s risk-adjusted capitalisation is at its highest level and notes the important role the firm plays within its corporate parent structure.
Maxseguros is a single-parent captive insurer owned by Empresas Públicas de Medellín (EPM), the largest energy provider in Colombia. The firm provides reinsurance for the EPM group and covers property damage, business interruption and cyber risk, among other liability exposures.
Maxseguros was awarded the ‘stable’ outlook as a result of the company's ability to adjust its retentions, while maintaining a stable operating performance without any adverse effect on its capitalisation.
