2013-01-10 21:18:28 -
A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of QBE del Istmo Reinsurance Company, Inc. (QBE Del Istmo) (Panama City, Panama). The outlook for both ratings is stable.
The ratings reflect QBE Del Istmo’s solid capitalization levels, overall profitability, disciplined underwriting and its experienced management team that has an in-depth knowledge of the markets in which it operates.
Partially offsetting these positive attributes are potential changes in the regulatory environment that could negatively impact the company's ability to write business, rapid expansion and the risks associated with writing catastrophe business. However, QBE Del Istmo has not experienced any major catastrophe events since 2007 and has limited exposure to oceanfront property business.
Istmo has established an enterprise risk management framework to identify, measure and monitor both existing and emerging risks across its respective business entities and to allocate capital accordingly.
The company's strategy is to focus on the needs of the small to mid-sized market players and to provide customized products, technical expertise and superior customer service to its clients. This strategy has proven successful for QBE Del Istmo and is evidenced by its strong working relationships and high client retention levels.
Positive rating actions may be considered in the long term if QBE Del Istmo maintains strong operating results and capitalization levels.
Negative rating actions may occur if the company’s operating results or capitalization deteriorates significantly or if excessive expansion takes place.
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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Gale Guerra, 908-439-2200, ext. 5069Senior Financial Analyst email@example.com
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