AM Best Upgrades Issuer Credit Rating of Berkley International Seguros México S.A.
AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa” (Superior) from “aa-” (Superior), affirmed the Financial Strength Rating (FSR) of A+ (Superior) and affirmed the Mexico National Scale Rating (NSR) of “aaa.MX” (Exceptional) of Berkley International Seguros México S.A. (BISM) (Mexico City, Mexico). The outlook of the Long-Term ICR has been revised to stable from positive, while the outlooks of the FSR and NSR are stable.
BISM is a member of W. R. Berkley Insurance Group (Berkley Group), which on a consolidated basis, has a balance sheet strength that AM Best assesses at the strongest level, as well as strong operating performance, a favorable business profile and appropriate enterprise risk management (ERM).
The Long-Term ICR upgrade reflects Berkley Group’s improved balance sheet strength fundamentals, driven by a robust investment portfolio that is driving consistently strong returns, consistent organic surplus growth over the most recent 10-year period and the group’s strong debt leverage.
The stable outlooks reflect AM Best’s expectation that the group will maintain its balance sheet strength assessment in the strongest range over the intermediate term with strong operating results contributing to surplus growth.
