AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Reaseguradora Delta, S.A. (Delta Panama) (Panama City, Panama) and Reaseguradora Delta, C.A. (Delta Venezuela) (Caracas, Venezuela). The outlook of these Credit Ratings (ratings) is stable.

The ratings of Delta Panama reflect its balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).

Delta Panama’s ratings reflect a stable trend in underwriting metrics and profitable results. The company’s operating performance is assessed as strong. While investment income contributes to Delta Panama’s earnings, profitability is fully achieved through technical results in the company’s main business lines, rendering premium sufficiency levels that align well to the strong assessment for the last couple of years. AM Best expects Delta Panama to maintain profitable results that continue strengthening the company's capital base while implementing its growth strategy.

Delta Panama’s very strong balance sheet strength assessment recognizes the company’s adequately matched obligations and risk appetite, as well as its shareholders’ commitment to strengthening its capital base, reflected in Delta Panama’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and favorable net underwriting leverage metrics.

Founded in Panama in 2010, Delta Panama offers treaty and facultative reinsurance for several lines of business, including fire, surety, construction and engineering, auto, marine aviation and transport, personal liabilities, robbery and personal accidents. Most of its portfolio is composed of treaty contracts (61%), while facultative reinsurance accounts for 39%. Delta Panama is diversified geographically, as the company underwrites business in Venezuela, Ecuador, Dominican Republic and 10 other countries. The company’s distribution channels include brokers and alliances with other reinsurers, as well as a managing general agent established in Miami by Delta Panama’s shareholders. AM Best assesses the company’s business profile as neutral.

Delta Panama’s ERM is considered appropriate as it is well-integrated into its operations; risk appetite and tolerance are well-defined, and the company takes advantage of its pricing model and management team, which has over 20 years of experience in the Latin American market. The company has a sound excess of loss retrocession program in place with highly rated reinsurers that have an excellent level of security.

Delta Venezuela is a reinsurance company founded in Caracas, Venezuela, in 1963. The company has shared top management and major shareholders with Delta Panama since 2010; it offers treaty and facultative reinsurance for several lines of business, including fire, surety, construction and engineering, auto, marine aviation and transport, personal liabilities, robbery and personal accidents. The company underwrites premiums in Venezuela and Ecuador through shared distribution channels.

Delta Venezuela’ risk-adjusted capitalization stands at the strongest level, as measured by BCAR, and the company is well-protected against the economic volatility present in Venezuela through its conservative investment strategy. The company’s operating performance is characterized as being profitable. Delta Venezuela receives substantial reinsurance support in terms of underwriting, reinsurance protection and ERM from Delta Panama.

Negative rating actions could occur if the company’s capital base erodes due to cash withdrawals or a deterioration in operating results that weakens risk-adjusted capitalization to a point no longer supportive of the current assessment. Positive rating actions could take place if the capital volume of Delta Panama continues to grow while the company maintains its strongest level of risk-adjusted capitalization.

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