AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent), the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) and the Mexico National Scale Rating (NSR) of “aaa.MX” (Exceptional) of Grupo Mexicano de Seguros, S.A. de C.V. (GMX) (Mexico City, Mexico). The outlook of the FSR and the Long-Term ICR is positive, while the outlook of the NSR is stable.

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

The positive outlook of the FSR and the Long-Term ICR reflects AM Best’s expectation that GMX will be able to sustain its strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). The positive outlooks also consider the company’s profitable operation, characterized by premium sufficiency that is expected to contribute to future capital strengthening.

GMX is a subsidiary of GMS Valore, S.A. de C.V., which provides GMX with synergies and operating efficiencies as a member of this group. The company was incorporated in 1997 in Mexico City and is a top company in Mexico’s property/casualty segment. The company’s chief business line is general and professional liability, operating mainly through a network of independent agents and promoters, as well as online sales.

GMX has strengthened its capital base consistently as a result of positive bottom-line results over the years, as well as an increasing catastrophe reserve. GMX’s risk-adjusted capitalization stands at the strongest level, as measured by the BCAR. The company’s balance sheet is protected further by a thorough reinsurance structure, which is placed mostly with participants with an excellent level of security.

GMX’s strong operating performance has been characterized by premium sufficiency on a large margin. Profitability has been achieved consistently through the company’s underwriting results and further enhanced by investment income, which has improved in recent years as GMX achieved greater sophistication of its asset management and operations.

GMX’s management team has a solid track record of implementing strategies and taking advantage of opportunities for innovation in Mexico’s increasingly competitive insurance market, through digital channels and technology capabilities.

Positive rating actions could occur if GMX is able to demonstrate stability in its risk-adjusted capitalization, through profitable results and prudent capital management. Factors that may lead to negative rating actions include a sustained deterioration of underwriting results to a level that no longer supports the strong operating performance assessment and ultimately causes an erosion of the company’s capital base, weakening its balance sheet strength.

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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