MEXICO CITY--(BUSINESS WIRE)--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 10th-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.
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