A.M. Best Affirms Rating of ING Comercial America.OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating of A (Excellent) of ING Comercial America (ING CA) and its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , ING Comercial America Fianzas (both of Mexico City Mexico City Spanish Ciudad de México City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi , Mexico). The outlook for the rating is stable. The rating reflects ING CA's strong balance sheet, excellent capitalization and leading position within the Mexican insurance Mexican insurance provides coverage for tourists when they are driving in the Republic of Mexico. This type of insurance was created because U.S. insurance policies are not recognized by authorities in Mexico in the event of an accident. industry. In terms of market share, ING CA is one of the largest property/casualty underwriters in Mexico. The company's new management team is currently reorganizing operating and administrative functions, which are anticipated to improve its risk management controls and operating results in the near term. As part of this process, ING CA has centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. its business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets , exited unprofitable business lines and refocused its business strategy to reach even broader market segments, particularly in personal lines. In addition, ING CA remains the largest Latin American operations of its parent company, ING Insurance International B.V., which is ultimately owned by the ING Group ING Groep N.V. (NYSE: ING, Euronext: INGA) (known as ING Group) is a financial institution of Dutch origin offering banking, insurance and asset management services. ING once stood for Internationale Nederlanden Groep. of Netherlands. Partially offsetting these positive factors is the company's fluctuating operating results primarily due to reserve strengthening charges in the latest years. ING CA is expected to produce consistent operating results in the future as new marketing strategies and systems become effective. Furthermore, ING CA operates in a market that is susceptible to catastrophic events and subsequently the company is dependent on reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. coverage to reduce exposures. ING CA also faces challenges in controlling client health costs, improving its life product portfolio as it expands into broader market segments, such as personal and auto lines of business, while competing with foreign and domestic insurers in Mexico. For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. For current Best's Ratings, independent data and analysis on more than 3,000 individual property/casualty companies and A.M. Best groups, please visit www.ambest.com/pc. 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. |
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