AM Best Withdraws Credit Ratings of Quálitas Compañía de Seguros S.A. de C.V.
AM Best has affirmed the Financial Strength Rating of B+ (Good), the Long-Term Issuer Credit Rating of “bbb-” (Good) and the Mexico National Scale Rating of “aa-.MX” (Superior) of Quálitas Compañía de Seguros S.A. de C.V. (Quálitas) (Mexico City, Mexico). The outlook of these Credit Ratings (ratings) is negative. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in the rating process.
The ratings reflect Quálitas’ balance sheet strength, which AM Best assesses as adequate, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
The negative outlooks reflect pressure on Quálitas’ balance sheet strength assessment, driven by considerable dividend payments that limit organic capital growth, and a rising trend in underwriting leverage.
Quálitas’ risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), improved to adequate from weak in 2025 despite the dividend payments, although there is still sensitivity to any capital outflows.
