A.M. Best Removes Non-Rating Designation of Aseguradora del Istmo, S.A.
Elí Sánchez, +52 55 1102 2720, ext. 108
Senior Financial Analyst
Alfonso Novelo, +52 55 1102 2720, ext. 107
Senior Director, Analytics
Christopher Sharkey, +1 908-439-2200, ext. 5159
Manager, Public Relations
Jim Peavy, +1 908-439-2200, ext. 5644
Director, Public Relations
A.M. Best has removed the Non-Rating Designation of “E” of Aseguradora del Istmo, S.A. (ADISAP) (Panama City, Panama).
On June 30, 2017, Panama’s insurance regulator, the Superintendencia de Seguros y Reaseguros de Panamá, lifted its administrative and operational control over ADISAP, previously a subsidiary of Istmo Compañía de Reaseguros, Inc. (Istmo Re). This followed a non-judicial agreement under which one of Istmo Re’s creditors, Banco Prival, foreclosed on Istmo Re’s 75% ownership stake in ADISAP and ceded the shares to Acerta Holdings.
This transaction has resulted in A.M. Best removing the Non-Rating Designation of the company.
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