AM Best Assigns Credit Ratings to Aseguradora del Sur C.A.

MEXICO CITY--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-” (Good) to Aseguradora del Sur C.A. (Asur) (Quito, Ecuador). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Asur’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

Asur is an Ecuadorian insurance and reinsurance company that is owned 97% by Vatin Enterprise-Holding S.A.S. The company was founded in 1990 in Cuenca, Ecuador by Rodrigo Cevallos Breilh. The company is one of the top competitors with 6% market share in 2025, holding over 35 years of experience in the insurance market. Asur has an experienced management team composed of high-level professionals and top reinsurers. Asur’s business profile assessment is neutral, underpinned by its track record within the country and successful adaptation to the many economic and political transformations in the country, diversification across lines of business and domestic widespread presence.

Asur’s balance sheet strength is underpinned by its risk-adjusted capitalization at the very strong level, as measured by Best’s Capital Adequacy Ratio (BCAR). The company`s capital base has grown consistently, benefiting from the consistent reinvestment of earnings and capital contributions made by shareholders. Furthermore, Asur is well protected by its reinsurance program, placed among highly rated reinsurers, purchasing coverage for a 1-in-500-year event.

AM Best assesses Asur’s operating performance as adequate and is characterized by positive bottom-line results driven by sound risk selection and good underwriting performance. The profitability is strengthened further by investment income and other income such as emission rights and assistance charges collected through policies.

AM Best assesses Asur’s ERM as appropriate as the company’s management has the capabilities to manage, identify, measure and control risk. Asur holds a comprehensive catastrophe protection program.

The stable outlooks reflect AM Best’s expectation that Asur will maintain a very strong level of risk-adjusted capitalization, as measured by BCAR, while growing its capital base through the consistent reinvestment of earnings.

Positive rating actions could occur if Asur’s capital base continues to grow and reaches the strongest level of risk-adjusted capitalization, as measured by BCAR, supported by improvements in net underwriting leverage. Negative rating actions could take place if the company’s operating performance deteriorates to levels no longer supportive of the adequate assessment either through changes in underwriting or adverse market developments. Negative rating actions also could take place if the company’s capital base erodes due to either high-dividend payments or significant underwriting losses.

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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