AM Best Affirms Credit Ratings of Compañía de Seguros Generales Everest Mexico, S.A. de C.V.

MEXICO CITY--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A+ (Superior), the Long-Term Issuer Credit Rating of “aa-” (Superior) and the Mexico National Scale Rating of “aaa.MX” (Exceptional) of Compañía de Seguros Generales Everest Mexico, S.A. de C.V. (Everest Mexico) (Mexico City, Mexico). The outlook for 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. The ratings also reflect 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. As of 2024, Everest Mexico´s risk-adjusted capitalization stands at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR).

Negative rating action could occur due to a material decline in the group's risk-adjusted capitalization or other key balance sheet strength metrics. If there is negative rating action taken on Everest from a sustained negative trend in underwriting and operating performance metrics below AM Best’s expectation for its adequate operating performance assessment level, the ratings of Everest Mexico would mirror those same actions.

While unlikely in the near term, positive rating action could occur due to a sustained favorable trend in operating performance metrics above peer averages.

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.

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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