2013-01-10 21:19:28 -
A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and issuer credit rating (ICR) of “a-” of Del Istmo Assurance Corp (Del Istmo Assurance) (Panama City, Panama). The outlook for both ratings is stable.
The ratings reflect Del Istmo Assurance’s solid capitalization, strong overall operating performance and its experienced management team that is very familiar with its written business. Offsetting these positive rating factors is the limited business profile of Del Istmo Assurance as it writes primarily performance bonds in Panama.
Del Istmo Assurance's business consists of performance bonds, construction all risk and general liability. The company is well positioned to take advantage of the growth opportunities that are available in the Panamanian marketplace as the country continues to
develop. Del Istmo Assurance has the competitive advantage of being a well-established, long-term insurer with a reputation for delivering a customized product, strong customer service and technical expertise to its client base.
The company's enterprise risk management framework is fully aligned with that of its parent, QBE del Istmo Reinsurance Company, Inc., which includes oversight by executive committees and the Board of Directors.
Positive rating actions may be considered in the long term if Del Istmo Assurance maintains strong operating results and capitalization levels.
Negative rating actions may occur if the company experiences excessive growth, if operating results or capitalization deteriorates significantly or if there is a change in the regulatory environment, which would negatively impact Del Istmo Assurance’s operations.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M.
Best’s rating process and contains the different rating criteria employed in the rating process. Key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies”; “Rating Members of Insurance Groups”; “Catastrophe Analysis in A.M. Best Ratings”; “Understanding Universal BCAR”; and “Evaluating Country Risk.” Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..
Founded in 1899, A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..
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