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MEXICO CITY–(BUSINESS WIRE)–AM Best has affirmed the Mexico National Scale Rating (NSR) of “aa-.MX” and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-” of Grupo Financiero Aserta, S.A. de C.V. (GFA). Concurrently, AM Best has affirmed the Mexico NSR of “aaa.MX”, the Financial Strength Rating of A- (Excellent) and the Long-Term ICR of “a-” of Aseguradora Insurgentes, S.A. de C.V. (AISA) and its sister company, Aseguradora Aserta, S.A. de C.V. (Aserta), which are the main subsidiaries of GFA. The outlook of these Credit Ratings (ratings) remains stable. All companies are domiciled in Mexico City, Mexico.

The ratings reflect AISA’s and Aserta’s balance sheet strength, which AM Best categorizes as very strong, as well as their strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).

In January 2017, AISA and Aserta were authorized to operate as insurances entities under a “seguro de caución” (surety insurance) license, and changed their names from Afianzadora Insurgentes, S.A. de C.V. and Afianzadora Aserta, S.A. de C.V., respectively. In July 2018, the companies received approval to underwrite as surety insurers; the three allowed lines approved for this license are surety, surety insurance and credit insurance. As of June 2019, the volume in these business lines is still clearly in the early stages of developing.

The ratings reflect the group’s leading position in Mexico’s surety market, historically good consolidated operating performance throughout the market cycle and its seasoned management team. The ratings also recognize the companies’ affiliation as larger members of GFA, the largest surety group in Mexico with a 28.7% market share as of December 2018, according to data from the Mexican Association of Guarantee Institutions (AMIG).

The group’s positive rating factors are derived from its surety insurance companies’ strong surplus positions given their strong capital bases and sound underwriting practices in conjunction with solid reinsurance programs placed among highly rated reinsurance counterparties. AISA and Aserta have maintained positive bottom-line results despite the slow dynamics of Mexico’s surety industry during the past years, and into 2019.

As of June 2019, the environment for the surety market remained muted, contracting 3.7% on a year-over-year basis. Adverse conditions could continue amid possible economic deceleration and limited growth prospects; however, GFA’s surety companies grew 11.9%. The companies continue to report positive bottom-line results, and adequate profitability metrics in comparison with other companies in Mexico’s surety market. At the same time, GFA has taken measures to face any potential adverse market conditions, and has worked to diversify its revenue further by increasing its international presence and strengthening its corporate strategy to take advantage of the new surety insurance opportunities (seguro de caución). AM Best expects AISA and Aserta to maintain their strong market share and meet expansion targets while maintaining supportive capital levels.

GFA is well-protected by its reinsurance program and its contingency reserves. Its appropriate ERM framework has allowed the company to manage its exposures effectively and make efficient use of its capital to improve its solvency.

Positive rating actions could take place for AISA and Aserta if the companies successfully implement a geographic diversification strategy while consistently maintaining good profitability through adequate underwriting and risk-adjusted capitalization that supports the ratings. Factors that could lead to negative rating actions are shortfalls in the company’s projected performance in terms of profitability and capital generation.

Furthermore, negative rating actions also could result from adverse scenarios in the surety market that translate into material deterioration of the company’s capital to levels that AM Best considers non-supportive of the current ratings.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


Olga Rubo, FRM
Financial Analyst
+52 55 1102 2720, ext. 134
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Christopher Sharkey
Manager, Public Relations
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Alfonso Novelo
Senior Director, Analytics
+52 55 1102 2720, ext. 107
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Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
[email protected]