AM Best Affirms Credit Ratings of Mutua de Riesgo Maritimo, Sociedad de Seguros a Prima Fija
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Mutua de Riesgo Maritimo, Sociedad de Seguros a Prima Fija (Murimar) (Spain). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Murimar’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
Murimar’s balance sheet strength assessment of strong is supported by its strongest level of risk-adjusted capitalization at year-end 2025, as measured by Best’s Capital Adequacy Ratio (BCAR), underpinned by solid retained earnings. Murimar’s balance sheet strength also factors in the size of its capital base, which can give rise to volatility in its risk-adjusted capitalisation; however, Murimar's reinsurance programme provides a strong degree of financial stability.
AM Best considers Murimar’s operating performance to be adequate. In 2025, the mutual insurer achieved profits after-tax of EUR 2.7 million, and a combined ratio of 94.3% (as calculated by AM Best). Solid underwriting results in the last four years have been supported by Murimar’s disciplined underwriting and extensive market knowledge.
