A.M. Best Assigns Initial Rating to Compania Internacional de Seguros S.A.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Oct. 7, 2002 A.M. Best Co. has assigned an initial financial strength rating of B++ (Very Good) to Compania Internacional de Seguros S.A. (IS) (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. , Panama). The outlook is stable. This rating is based on IS' financial strength, large market presence in Panama and the maintenance of good operating results. The company has a solid balance sheet, good capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. and has demonstrated success in enhancing its competitive market position. IS writes several lines of property/casualty (59% of GWP GWP Global Warming Potential GWP Global Water Partnership GWP Gift With Purchase GWP Guinea-Bissau Peso (currency code: now GNF) GWP German Wirehaired Pointer (dog breed) GWP Gross World Product ) and life and health coverages (41% of GWP). For over 90 years, IS has had a presence in the insurance industry in Panama. As the first insurance writer in the country, IS has a very good insurance business franchise in Panama as well as some presence in Central America Central America, narrow, southernmost region (c.202,200 sq mi/523,698 sq km) of North America, linked to South America at Colombia. It separates the Caribbean from the Pacific. . Over the years, IS has successfully positioned itself in an increasingly competitive market using underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. expertise and customer service focus. Additionally, the company has built a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. risk-adjusted capital level primarily as a result of its good earnings and limited asset risk. Offsetting these positive rating factors are the sovereign and regulatory risks faced in Panama. Furthermore, IS must maintain its competitive edge over other well-positioned insurance providers by continuing to increase its sales penetration with existing clients' portfolios and by developing new and attractive product offerings. 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