AM Best Assigns Credit Ratings to Aseguradora del Sur C.A.
AM Best has assigned a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-” (Good) to Aseguradora del Sur C.A. (Asur) (Quito, Ecuador). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Asur’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
Asur is an Ecuadorian insurance and reinsurance company that is owned 97% by Vatin Enterprise-Holding S.A.S. The company was founded in 1990 in Cuenca, Ecuador by Rodrigo Cevallos Breilh. The company is one of the top competitors with 6% market share in 2025, holding over 35 years of experience in the insurance market. Asur has an experienced management team composed of high-level professionals and top reinsurers. Asur’s business profile assessment is neutral, underpinned by its track record within the country and successful adaptation to the many economic and political transformations in the country, diversification across lines of business and domestic widespread presence.
Asur’s balance sheet strength is underpinned by its risk-adjusted capitalization at the very strong level, as measured by Best’s Capital Adequacy Ratio (BCAR). The company`s capital base has grown consistently, benefiting from the consistent reinvestment of earnings and capital contributions made by shareholders. Furthermore, Asur is well protected by its reinsurance program, placed among highly rated reinsurers, purchasing coverage for a 1-in-500-year event.
