AM Best Revises Outlooks to Positive and Affirms Credit Ratings of Interamericana de Fianzas y Seguros, S.A.

MEXICO CITY--(BUSINESS WIRE)--AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Interamericana de Fianzas y Seguros, S.A. (IFS) (Panama).

The ratings reflect IFS’ 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 (ERM).

The positive outlooks reflect the expectation that the company's operating performance will maintain its profitable underwriting metrics supported by risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), while ongoing strategic initiatives implemented by the management take effect.

IFS was incorporated in August 2020 and is licensed to operate in Panama’s general insurance branches, as well as in the surety and personal lines of business. The company is based in Panama City, Panama. IFS develops its business inside Panama and has a diversified portfolio mainly focused in the surety line of business, in addition to property/casualty and life coverages. As of December 2025, IFS ranked as the country’s 17th largest insurer, based on its 1.2% market share of overall premiums. IFS is Panama’s fourth-largest surety writer, with a 6% market share, as of December 2025.

IFS’ very strong balance sheet strength assessment is based on its strongest level of risk-adjusted IFS’ very strong balance sheet strength assessment is based on its strongest level of risk-adjusted capitalization, as measured by BCAR, its conservative investment portfolio allocated mainly in Panama government bonds, solid liquidity measures that are enhanced by generally positive underwriting and operating cash flows, as reflected by a return-on-equity ratio of 24.2% in 2024.

IFS has shown profitability since its inception, which is driven by improvements in its underwriting performance as evidenced by premium sufficiency over the past four years. AM Best expects IFS to maintain its profitable underwriting performance in the long term.

AM Best considers IFS’ ERM practices to be appropriate, as these were established in adherence to the COSO 2013 and 2017 internal control frameworks and are well-integrated into operations. The company also has a sound reinsurance program in place with highly rated reinsurers.

Positive rating actions could take place in the long term if the operating performance of the company maintains a positive trend in comparison with its peers. Negative rating actions could result from a deterioration in IFS’ underwriting practices; the company maintains high growth targets that could lead to pressure on its operating performance. Negative rating actions also could take place if there is a deterioration in the company’s risk-adjusted capitalization due to major capital outflows and rapid premium growth on a net basis.

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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