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AM Best Maintains Under Review with Negative Implications Status for Credit Ratings of Armour Secure Insurance S.A. de C.V.

October 1, 2021 GMT


AM Best has maintained the under review with negative implications status and affirmed 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 Armour Secure Insurance S.A. de C.V. (Armour) (Mexico).

The under review with negative implications status reflects AM Best’s ongoing review of the financial situation at Armour’s holding company following changes in its corporate structure.

The ratings reflect Armour’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, limited business profile and marginal enterprise risk management (ERM).

The strong balance sheet assessment reflects Armour’s capital base, consistently strengthened through the reinvestment of earnings. Armour has been able to sustain a profitable domestic operation through its underwriting results and investment income.


Armour’s business profile is limited due to its concentration in the niche market of title insurance in Mexico, coupled with challenges ahead for the real estate market amid Mexico’s weakened economy.

AM Best’s view of the company’s ERM is marginal due to concerns regarding governance and availability of information at its holding company, Trebuchet Group Holdings Limited.

The ratings will remain under review until AM Best can fully assess the financial situation at Armour’s holding company.


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 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

Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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PUB: 10/01/2021 03:06 PM/DISC: 10/01/2021 03:06 PM