AM Best Affirms Credit Ratings of Atradius N.V.’s Main Operating Subsidiaries
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of Atradius Crédito y Caución S.A. de Seguros y Reaseguros (ACyC) (Spain), Atradius Trade Credit Insurance, Inc. (ATCI) (United States) and Atradius Seguros de Crédito, S.A. (Atradius Mexico) (Mexico), which are the main operating subsidiaries of Atradius N.V. (Atradius) (Netherlands), the non-operating holding company. The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Atradius’ balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favourable business profile and appropriate enterprise risk management. The ratings of ACyC, ATCI and Atradius Mexico consider their strategic importance to Atradius as its primary underwriting entities in the group’s key markets around the world.
Atradius’ balance sheet strength is underpinned by its consolidated risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), which remained at the strongest level at year-end 2025. Atradius receives equity credit in the BCAR for subordinated debt. AM Best expects Atradius’ prospective risk-adjusted capitalisation to be maintained at the strongest level, supported by good internal capital generation over the cycle and conservative capital management. The group’s balance sheet strength assessment also benefits from its sound financial flexibility, good liquidity profile and relatively conservative investment portfolio. The group had an adjusted financial leverage ratio of 5.4% at year-end 2025, as calculated by AM Best, which includes hybrid equity credit. In AM Best’s view, interest coverage was considered strong for 2025. A partly offsetting factor in the assessment is the group’s high dependence on reinsurance, although the risks associated with this dependence are mitigated partially through use of a well-diversified panel of reinsurance counterparties of excellent credit quality.
