AM Best Affirms Credit Ratings of Compañía Internacional de Seguros, S.A.

MEXICO CITY–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Compañía Internacional de Seguros, S.A. (CIS) (Panama City, Panama). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect CIS’ balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

CIS’ balance sheet strength is underpinned by its risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), historically positive technical and bottom-line results, its leading position in Panama’s insurance market, a strong reinsurance program, a seasoned management team, solid risk-management practices and geographic diversification through Internacional de Seguros in Costa Rica. Partially offsetting these positive rating factors are the challenges CIS faces operating in a relatively limited and increasingly competitive insurance market.

In 1910, CIS initiated operations as a multiline insurer and ranks among the top insurance companies in Panama based on premium market share. The company’s largest business lines include health, automobile, miscellaneous group and individual life insurance. CIS operates through a network of brokers and office branches in several cities throughout Panama.

Historically, CIS has increased its capital base at 8.4% compound annual growth rate as a result of positive bottom-line results, driven by a consistent inflow of underwriting and investment incomes, which reflects the management team’s market knowledge and experience. AM Best expects the company’s risk-adjusted capitalization to remain stable.

In 2025, CIS’ strong operating performance was reflected by a combined ratio of 90.3% and a return on net earned premiums of 40%. These results were supported by continued positive performance in its life and health businesses, which were the main contributors to the company’s net income last year.

The company leverages its health segment performance through Blue Cross Blue Shield, a health care provider network in the United States. CIS’ financial income continues to support its results; however, the company is not dependent on this revenue to achieve positive bottom-line results.

Despite these many positive characteristics, CIS’ ratings are limited by the competitive environment in its domestic market, as well as AM Best’s perception of the country risk in Panama, which has an AM Best country risk tier ranking of CRT-4, the second-highest level.

Factors that might lead to negative rating actions include protracted adverse underwriting and overall operating performance, changes in strategic alliances, a significant deterioration in CIS’ risk-adjusted capitalization or a downgrading of Panama’s country risk tier rating. Although unlikely in the near term, positive rating actions could take place as a result of the continued growth in the company’s capital base in the medium term, which would be supportive of CIS’ current level of risk-adjusted capitalization, as measured by BCAR, along with a successful consolidation of its business strategy.

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 Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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Contacts

Ricardo Rodríguez
Senior Financial Analyst
+52 55 1102 2720, ext. 139
ricardo.rodriguez@ambest.com

Alfonso Novelo
Senior Director, Analytics
+52 55 1102 2720, ext. 107
alfonso.novelo@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com