A.M. Best Removes Non-Rating Designation of Aseguradora del Istmo, S.A.

CONTACTS:

FOR IMMEDIATE RELEASE

MEXICO CITY - JULY 17, 2017 04:44 PM (EDT)
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.

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. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology .

Key insurance criteria reports utilized:

• Catastrophe Analysis in A.M. Best Ratings (Version Nov. 3, 2011)


• Evaluating Country Risk (Version May 2, 2012)


• Rating Members of Insurance Groups (Version Dec. 15, 2014)


• Rating Surety Companies (Version Aug. 13, 2014)


• Risk Management and the Rating Process for Insurance Companies (Version April 2, 2013)


• Rating Run-off Insurers and Specialists (Version March 25, 2013)


• Understanding Universal BCAR (Version April 28, 2016)

View a general description of the policies and procedures used to determine credit ratings. For information on the meaning of ratings, structure, voting and the committee process for determining the ratings and monitoring activities, please refer to Understanding Best’s Credit Ratings.

• Previous Rating Date: March 7, 2017


• Date of Financial Data Used: Dec. 31, 2016

This press release relates to rating(s) that have been published on A.M. Best’s website. For additional 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 A.M. Best’s Recent Rating Activity web page.

A.M. Best does not validate or certify the information provided by the client in order to issue a credit rating.

While the information obtained from the material source(s) is believed to be reliable, its accuracy is not guaranteed. A.M. Best does not audit the company’s financial records or statements, or otherwise independently verify the accuracy and reliability of the information; therefore, A.M. Best cannot attest as to the accuracy of the information provided.

A.M. Best’s credit ratings are independent and objective opinions, not statements of fact. A.M. Best is not an Investment Advisor, does not offer investment advice of any kind, nor does the company or its Ratings Analysts offer any form of structuring or financial advice. A.M. Best’s credit opinions are not recommendations to buy, sell or hold securities, or to make any other investment decisions. View our entire notice for complete details.

A.M. Best receives compensation for interactive rating services provided to organizations that it rates. A.M. Best may also receive compensation from rated entities for non-rating related services or products offered by A.M. Best. A.M. Best does not offer consulting or advisory services. For more information regarding A.M. Best’s rating process, including handling of confidential (non-public) information, independence, and avoidance of conflicts of interest, please read the A.M. Best Code of Conduct. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source.