A.M. Best Affirms Rating of Aseguradora Mundial S.A.Business Editors A.M. Best Co. has affirmed the financial strength rating of B++ (Very Good) of Aseguradora Mundial S.A., Panama City Panama City, city (1990 pop. 34,378), seat of Bay co., NW Fla., on St. Andrews Bay; inc. 1909. A Gulf Coast resort with amusement parks and excellent fishing, it is also a port of entry. The city's industries produce paper, clothing, and chemicals. , with a stable outlook. The rating reflects the company's financial strength, pre-eminent position in the Panamanian market and encouraging operating trends. Aseguradora Mundial has a solid balance sheet, strong capitalization and an experienced management team with demonstrated success in the insurance business. Aseguradora Mundial is the third largest insurance group in Panama, writing gross premiums written When a non-life insurance company closes a contract to provide insurance against loss, the revenues (premiums) expected to be received over the life of the contract are called gross premiums written. (GPW GPW Gridded Population of the World GPW Gross Premiums Written GPW Gross Product Worth GPW Geneva Convention Relative to the Treatment of Prisoners of War, 12 August 1949 GPW General Purpose Warehouse GPW Grand Prix White (Honda) ) of USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 53.2 million and giving it a 14% market share. The company is the leader in the individual life business with a participation of 28%. A few years ago, it contracted the management of pension funds with some large industrial organizations in Panama. These funds under administration have been increasing steadily over the last five years. For the last five years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time company reported positive underwriting results, although GPW writings decreased in the year 2001 because of more selective underwriting policies implemented to mitigate claims. Pretax operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. has been favorable, reinforced in general by good investment yields. Over the five-year period ending 2001, net earnings maintained an excellent return on equity average of 24% compound annual growth rate (CAGR CAGR See: Compound Annual Growth Rate ). During each of the last five years, leverage measures improved as capital was contributed to the company and net income was retained. Capital measures are strong on a risk-adjusted basis. A.M. Best believes Aseguradora Mundial's business plan projects reasonable new business volume and sufficient capital to support its operations over the short to medium term. Aseguradora Mundial is pursuing increased efficacy in internal controls through redesign of its business processes and utilization of state-of-the-art software. Thus, A.M. Best assigns a stable rating outlook. Offsetting these positive rating factors is the local market's volatility. Additionally, the local insurance market has become highly competitive with the consolidation of some local insurers offering new challenges for Aseguradora Mundial to sustain its market share. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion