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Home Insurance AM Best assigns credit ratings to Dominican Republic reinsurer
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AM BEST ASSIGNS CREDIT RATINGS TO DOMINICAN REPUBLIC REINSURER

By
Richard
-
July 5, 2024
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Contents hide
1 The credit agency outlines options for positive or negative action
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AM Best assigns credit ratings to reinsurers from the Dominican Republic |
Insurance business America

 1. 

 2. reinsurance

 3. AM Best assigns a credit rating to a reinsurer from the Dominican Republic


THE CREDIT AGENCY OUTLINES OPTIONS FOR POSITIVE OR NEGATIVE ACTION



reinsurance

By Kenneth Araullo

AM Best has assigned a Financial Strength Rating of B (Fair) and a Long-Term
Issuer Credit Rating of ‘bb+’ (Fair) to Reaseguradora Santo Domingo, SA
(REASANTO) in the Dominican Republic, with the outlook for these ratings being
Stable.

According to the credit agency, the ratings reflect REASANTO’s balance sheet
strength, rated as strong by AM Best, along with adequate operational
performance, limited business profile and adequate enterprise risk management
(ERM).

Founded in 1973 in Santo Domingo, REASANTO operates primarily in the fire
service and related businesses in the Dominican Republic. Due to geographic and
business concentration, the company’s business profile is considered limited.

According to AM Best, the company continues to manage its potential maximum loss
risk through active management of its reinsurance program with the aim of
reducing the volatility of its capital base. These efforts are supported by a
conservative investment strategy and an adequate reinsurance panel.

REASANTO’s operating performance is considered adequate based on constant net
income supported by controlled expenses and entitlements. This approach helps
reduce company budget variances and improve underwriting quality.

The company’s ERM is also considered adequate, with defined policies and
procedures to maintain risk tolerance levels that are reviewed regularly.

The stable outlook reflects AM Best’s expectation that REASANTO will maintain
its current level of risk-adjusted capitalization as it pursues its strategy of
geographic expansion.

AM Best noted that potentially positive rating changes could occur if REASANTO’s
balance sheet strength improves through sustained growth in its capital base and
prudent management that supports stable risk-adjusted capitalization levels.

Conversely, erosion of the company’s capital base due to weaker operating
performance could lead to negative rating changes.

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Source link

2024-07-04 13:10:00

www.insurancebusinessmag.com

Richard


 * TAGS
 * assigns
 * Credit
 * Dominican
 * Ratings
 * Reinsurer
 * Republic

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