AM Best Revises Under Review Status to Positive for Credit Ratings of Insignia Life S.A. de C.V.
MEXICO CITY, March 01, 2024--(BUSINESS WIRE)--AM Best has revised the implications of the under review status to positive from developing for the Financial Strength Rating of B (Fair), the Long-Term Issuer Credit Rating of "bb" (Fair) and the Mexico National Scale Rating of "a.MX" (Excellent) of Insignia Life S.A. de C.V. (Insignia) (Mexico). This Credit Rating (rating) action follows an advancement in its acquisition process by Grupo MAPFRE.
These ratings reflect Insignia’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The acquisition has the potential to alleviate AM Best’s concerns regarding the financial situation of Insignia’s parent company, Proyecto Insignia, S.A.P.I de C.V., and its effects on the financial strength of Insignia. The under review with positive implications status reflects the advancement in this transaction, which has received authorization from the market practices supervising entity, Comisión Federal de Competencia Económica (COFECE). Regulatory approval from Mexico’s insurance regulator, Comisión Nacional De Seguros y Fianzas (CNSF), is still pending. The ratings will remain under review until AM Best can fully assess the financial and operational impacts of the acquisition.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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