MEXICO CITY--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of “aa-” (Superior) to Compañía de Seguros Generales Everest Mexico, S.A. de C.V. (Everest Mexico) (Mexico City, Mexico). In addition, AM Best has assigned a Mexico National Scale Rating of “aaa.MX” (Exceptional). The outlook assigned to these Credit Ratings (ratings) is stable.
Everest Mexico is a member of Everest Group, Ltd. (Everest), which on a consolidated basis has a balance sheet strength that AM Best assesses as strongest, as well as adequate operating performance, a very favorable business profile and appropriate enterprise risk management (ERM).
The ratings reflect Everest Mexico’s geographic and strategic importance to Everest in Latin America, as well as the integration of Everest’s practices, procedures, reinsurance, draft facilities, underwriting selection and ERM framework into Everest Mexico, and the synergies and operating efficiencies derived from being a group member. Partially offsetting these positive rating factors are the competitive dynamics in Mexico and Latin America’s property/casualty (P/C) segment.
Everest Mexico is a startup that received official approval in 2024 to conduct business in the P/C and financial lines segments. Going forward, AM Best expects the company to continue to adhere to the underwriting, ERM practices and procedures implemented from Everest, which has reported solid results amid a hardened reinsurance market.
If there are positive rating actions on the Everest group, as a result of a sustained favorable trend in operating performance above peer averages, the ratings of Everest Mexico would mirror those actions.
If there are negative rating actions on the Everest group, as a result of a material decline in Everest's risk-adjusted capitalization, or a sustained negative trend in underwriting and operating performance metrics below AM Best’s expectation for the adequate assessment level, the ratings of Everest Mexico would mirror those same actions.
A change in AM Best’s perception regarding the actual or perceived level of Everest Mexico’s strategic importance to the Everest group also could impact the company’s ratings.
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.
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