AM Best Assigns Credit Ratings to Seguros Universal, S.A.

MEXICO CITY--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) to Seguros Universal, S.A. (Seguros Universal) (Santo Domingo, Dominican Republic). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Seguros Universal’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

Seguros Universal, S.A. is the largest insurer in the Dominican Republic, and is a 97% owned subsidiary of Grupo Universal, S.A. (Grupo Universal). The company was founded in 1964, as La Universal, Compañía General de Seguros. In 1989, Seguros Universal was acquired by Grupo Financiero Popular, the financial arm of Banco Popular Dominicano (BPD). In 2000, the company merged with Seguros America, creating the largest insurance company in the market. The company’s business profile assessment is neutral, underpinned by consistent leadership, strong brand recognition, further benefitting from a diversified operating structure through its holding company, and adapting to changing market dynamics.

Seguros Universal’s balance sheet strength is underpinned by its risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The capital base has benefited from the company’s positive bottom-line results generated over its extensive track-record. Furthermore, Seguros Universal is well-protected by its comprehensive and historically effective reinsurance program. Management has been inclined to use its capital efficiently, which will lead to further dividends going forward.

Seguros Universal’s operating performance is assessed as adequate, and is characterized by a history of low volatility in its results, reflecting disciplined underwriting and risk controls, in line with the company’s operational scale. As of December 2024, and into 2025, the company reported sound underwriting ratios and prudent growth trends.

Negative rating actions could occur if the company's risk-adjusted capitalization deteriorates to a level no longer supportive of the current ratings, either due to dividend payments or material changes in the investment strategy. While unlikely, positive rating actions could take place as a result of the successful consolidation of the business strategy, in line with stable operating earnings contributing to Seguros Universal's capital base growth.

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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