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AM Best Places Credit Ratings of Acerta Compañia de Seguros, S.A. Under Review With Negative Implications

December 19, 2019 GMT

MEXICO CITY--(BUSINESS WIRE)--Dec 19, 2019--

AM Best has placed under review with negative implications the Financial Strength Rating (FSR) of B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-” of Acerta Compañia de Seguros, S.A. (Acerta) (Panama).

The rating action reflects the uncertainty on prospective balance sheet and operating performance, as well as management´s lack of communication relating to the interactive rating process.

Acerta initiated operations in Panama City in 2010. As of year-end 2019, the company stood as Panama’s 10 th- largest insurer, with a market share of more than 1.6%. Its main business segments are surety and motor, in terms of gross written premiums. Acerta operates through a network of agents, brokers and direct distribution channels.

The under review status with negative implications reflects AM Best´s concern as to the outcome of the final ratings, driven by the lack of necessary information to complete assessments on balance sheet strength and operating performance.

The ratings will remain under review while AM Best attempts to engage with management to collect necessary information required to assess the company´s rating fundamentals.

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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191219005810/en/

CONTACT: Salvador Smith

Financial Analyst

+52 55 1102 2720, ext. 108

salvador.smith@ambest.comChristopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.comAlfonso Novelo

Senior Director, Analytics

+52 55 1102 2720, ext. 107

alfonso.novelo@ambest.comJim Peavy

Director, Public Relations

+1 908 439 2200, ext. 5644

james.peavy@ambest.com

KEYWORD: EUROPE MEXICO CENTRAL AMERICA

INDUSTRY KEYWORD: OTHER PROFESSIONAL SERVICES PROFESSIONAL SERVICES INSURANCE

SOURCE: AM Best

Copyright Business Wire 2019.

PUB: 12/19/2019 04:59 PM/DISC: 12/19/2019 04:59 PM

http://www.businesswire.com/news/home/20191219005810/en