Everest Mexico earns A+ rating from AM Best in October 2024
- Compañía de Seguros Generales Everest Mexico, S.A. de C.V. received a Financial Strength Rating of A+ and a Long-Term Issuer Credit Rating of 'aa-' from AM Best in 2024.
- The ratings reflect the company's integration into Everest Group, which boasts a strong balance sheet and effective enterprise risk management practices.
- Despite this positive outlook, Everest Mexico faces challenges from competitive dynamics in the local property/casualty insurance sector.
In 2024, Compañía de Seguros Generales Everest Mexico, S.A. de C.V. received a Financial Strength Rating of A+ and a Long-Term Issuer Credit Rating of 'aa-' from AM Best, a renowned global credit rating agency based in the United States. This recognition highlights the company's robust balance sheet strength as a member of Everest Group, Ltd., which is assessed as the strongest in consolidated terms. The company plans to operate in the property/casualty and financial lines segments in Mexico. The ratings also reflect the strategic importance of Everest Mexico within the Everest Group in Latin America, integrating well-established practices from its parent organization, including underwriting procedures and enterprise risk management. AM Best anticipates that as long as the startup adheres to these practices, it will align its performance with the group's standards, which have historically shown solid results despite challenges in the insurance market. However, the competitive dynamics in Mexico’s property/casualty sector present ongoing challenges. The stability of their ratings could be influenced by the overall operational performance of Everest Group, demonstrating the interconnectedness of their operations. Overall, the positive assessment underscores the potential for success in a challenging market, while also warning of the risks associated with maintaining high-performance standards in a competitive landscape.