AM Best assigns credit ratings to Seguros Reservas SA and other news

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Peter Kavinsky

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MEXICO CITY – (BUSINESS WIRE) –
AM Best assigned Seguros Reservas SA (Santo Domingo, Dominican Republic) a financial strength rating of ‘A-‘ (excellent) and a long-term issuer credit rating of ‘a-‘ (excellent). The outlook assigned to these credit ratings (ratings) is stable.

The ratings reflect the balance sheet strength of Seguros Reservas, which AM Best rates as the strongest, as well as its strong operating performance, neutral business profile and sound corporate risk management.

The strength of Seguros Reservas’ balance sheet is underpinned by its risk-adjusted capitalization at its highest level as measured by Best’s Capital Adequacy Ratio (BCAR). The ratings also reflect its strong operating performance, driven by consistent profitability driven by a diversified business portfolio and leveraged insurance, and the company’s affiliation with Banco de Reservas de la República Dominicana, Banco de Servicios Múltiples (Banco de Reservas), Dominican Republic’s largest bank.

In part, these positive rating factors are offset by strong competition in the Dominican insurance market, which AM Best believes could affect the company’s profitability and market share, the company’s high dividend payout ratios and an ERM structure that could be improved.

Seguros Reservas insures life and property insurance and is one of the leading insurance companies in the Dominican Republic, currently holding 14.2% of the market as of June 2022.

In 2021, fire insurance continued to be the company’s main business, accounting for 40% of gross premiums, followed by automobiles (25.9%) and life insurance (13.6%), and the remainder (20.5% ) accounted for other lines of business. The company has demonstrated disciplined underwriting in a highly competitive marketplace, consistently reporting profitability that compares favorably with its closest competitors. In addition, investment income remained stable, further contributing to the positive bottom line.

According to BCAR, Seguros Reservas’ risk-adjusted capitalization is at its highest level. Adjusted equity has grown at a compound annual growth rate of 20.7% over the past six years, and AM Best expects this trend to be supported by sound underwriting, prudent dividend and investment policies, and an effective cost containment strategy. In addition, Seguros Reservas continues to benefit from the operational efficiency provided by Banco de Reservas.

No positive rating action is expected in the medium term. Negative rating action could occur if the company’s risk-adjusted capitalization deteriorates to a level that will no longer support the current ratings. Negative rating action could also result from a sustained deterioration in a company’s operating performance to levels that no longer support a strong valuation.

This press release relates to the credit ratings published on the AM Best website. For all rating information related to the release and related disclosures, including the office responsible for issuing each of the individual ratings referenced in this release, see Recent rating activity webpage. For more information about the uses and limitations of credit rating opinions, see Credit Rating Opinions. Credit Score Guide Best. For information on the proper use of Best Credit Scores, Best Performance Scores, Best Preliminary Credit Ratings, and AM Best press releases, see A Guide to the Correct Use of Ratings and Best Ratings.

AM Best is a global credit rating agency, news publisher and data analytics provider focused on the insurance industry. Headquartered in the United States, the company does business in more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information visit www.ambest.com.

Copyright © 2022, AM Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.

Olga Rubo, FRM

Senior Financial Analyst

+52 55 1102 2720, ext. 134

[email protected]

Christopher Sharkey

Public Relations Manager

+1 908 439 2200, ext. 5159

[email protected]

Alfonso Novelo

Senior Director, Analytics

+52 55 1102 2720, ext. 107

[email protected]

Al Slavin

Communication Specialist

+1 908 439 2200, ext. 5098

[email protected]

Source: AM Best

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Peter Kavinsky

Peter Kavinsky is the Executive Editor at cablefreetv.org

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