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A.M. Best Co. has affirmed the financial strength rating (FSR) of A (Excellent) and issuer credit rating (ICR) of “a” of ASSA Compania de Seguros, S.A. in Panama.
ASSA is ultimately owned by Grupo ASSA, S.A., a publicly traded financial services holding company on the Panama stock exchange.
“ASSA’s underwriting profitability is complemented by consistent levels of investment income, which has enabled it to steadily appreciate surplus while still providing Grupo ASSA with dividend payments,” said the firm.
“Partially offsetting these positive rating factors is ASSA’s risk concentration in a geographically limited insurance market along with operating in a country that A.M. Best considers to have an elevated level of country risk compared to ASSA’s ratings. Additionally, the Panamanian insurance market is becoming increasingly competitive as local and large outside insurers continue to compete for market share.”