AM Best Affirms Credit Ratings of Olé Insurance Group Corp I.I.

MEXICO CITY--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Olé Insurance Group Corp I.I. (Olé Insurance) (San Juan, Puerto Rico). The outlook of these Credit Ratings (ratings) is stable.

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

The ratings also reflect the group’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), prudent investment practices and its innovative business model. Conversely, Olé Insurance is subject to volatility derived from its relatively recent start of operations, expansion risk and sensitivity to changes in the evolution of its business plan.

Olé Insurance, along with the sister company, Olé Management Corp., is ultimately owned by Amedex Assurance Company and subsidiaries (Amedex), a group domiciled in Delaware.

Olé Insurance specializes in term life insurance and began operations in 2019 as Amedex Assurance Corp I.I. The company is licensed as a Class 5 International Insurer. Geographically, as of June 2025, gross premiums are mainly distributed in Latin America: Mexico (23%), Ecuador (20%), Chile (12%) and the remainder (45%) in 17 other countries.

The group’s operation is supported by automated systems and specialized personnel equipped with digital tools to assist prospective clients; the group also uses background checks and technological tools to analyze the profiles of its clients. Some applications are automatically approved and do not require medical examinations.

Overall, the group’s balance sheet is very strong, but it is subject to volatility derived from its net business portfolio of distribution and growth.

As of June 2025, the group’s earned premiums stood at USD 2.9 million, although technical income and year-end results were negative, mainly driven by management expenses. Prudent underwriting practices are a key driver that could influence future operating results, while simultaneously achieving the premium growth necessary to absorb its administrative expenses.

Negative rating actions could occur from an unfavorable development of the group's business strategy, reflected by insufficient revenues to cover ongoing operational expenses, or if the group's risk-adjusted capitalization deteriorates to a level no longer supportive of the current ratings as a result of capital base erosion. Although unlikely, factors that could lead to positive rating actions include the continued growth of the group’s capital base in the medium term, supportive of its current level of risk-adjusted capitalization, and successful consolidation of its business strategy.

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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