MEXICO CITY–(BUSINESS WIRE)–A.M. Best has removed the Non-Rating Designation of “E” of Aseguradora del Istmo, S.A. (ADISAP) (Panama City, Panama).
On June 30, 2017, Panama’s insurance regulator, the Superintendencia de Seguros y Reaseguros de Panamá, lifted its administrative and operational control over ADISAP, previously a subsidiary of Istmo Compañía de Reaseguros, Inc. (Istmo Re). This followed a non-judicial agreement under which one of Istmo Re’s creditors, Banco Prival, foreclosed on Istmo Re’s 75% ownership stake in ADISAP and ceded the shares to Acerta Holdings.
This transaction has resulted in A.M. Best removing the Non-Rating Designation of the company.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
Key insurance criteria reports utilized:
- Catastrophe Analysis in A.M. Best Ratings (Version Nov. 3, 2011)
- Evaluating Country Risk (Version May 2, 2012)
- Rating Members of Insurance Groups (Version Dec. 15, 2014)
- Rating Surety Companies (Version Aug. 13, 2014)
- Risk Management and the Rating Process for Insurance Companies (Version April 2, 2013)
- Rating Run-off Insurers and Specialists (Version March 25, 2013)
- Understanding Universal BCAR (Version April 28, 2016)
View a general description of the policies and procedures used to determine credit ratings. For information on the meaning of ratings, structure, voting and the committee process for determining the ratings and monitoring activities, please refer to Understanding Best’s Credit Ratings.
- Previous Rating Date: March 7, 2017
- Date of Financial Data Used: Dec. 31, 2016
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