A.M. Best Affirms Rating of Reaseguradora Patria.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--June 17, 2003 A.M. Best Co. has affirmed the financial strength rating of B++ (Very Good) of Reaseguradora Patria S PATRIA. The country; the men of the neighborhood competent to serve on a jury; a jury. This word is nearly synonymous with pais. (.q.v.) .A. (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 ). The rating outlook is stable. The rating reflects Patria's good capitalization, solid balance sheet, excellent liquidity and experienced management team. Patria has a strong niche position in the Mexican and Latin American markets, which tends to benefit small well-capitalized reinsurers that are independent and can provide specific services to ceding cede tr.v. ced·ed, ced·ing, cedes 1. To surrender possession of, especially by treaty. See Synonyms at relinquish. 2. companies. For the most part, Patria focuses on short-tail property/casualty coverage using its direct relationships and regional underwriting expertise, to better evaluate its risks. Financial results have improved recently due to the hardening hardening, in metallurgy, treatment of metals to increase their resistance to penetration. A metal is harder when it has small grains, which result when the metal is cooled rapidly. 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. market and better underwriting performance. Offsetting these positive rating factors are Patria's limited worldwide market profile, restricted financial flexibility due to ownership and its high exposure to catastrophe losses. The Latin American reinsurance market continues to suffer from increased natural catastrophes, and subsequent increase in retrocession RETROCESSION, civil law. When the assignee of heritable rights conveys his rights back to the cedent, it is called a retrocession. Erskine, Prin. B. 3, t. 5, n. 1; Dict. do Jur. h.t. rates is a challenge that the company faces in order to maintain its current underwriting results. 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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