AM Best Withdraws Credit Rating of Azuaga - Companhia de Seguros, S.A.

AMSTERDAM--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Azuaga - Companhia de Seguros S.A. (Azuaga) (Portugal). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.

The company is a wholly owned subsidiary of Corporación Financiera Azuaga, S.L., a conglomerate holding company.

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

Azuaga is a monoline insurer, focusing entirely on surety insurance in Spain and Portugal. Nevertheless, the company has a good market position in Spain, where it generates most of its revenue, as well as in the smaller Portuguese market.

Azuaga reported solid net profits (after tax) of EUR 7.0 million at year-end 2024, under IFRS 17 and has benefited from low claim cost.

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 specialising 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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