AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of Solunion Seguros, Compañía Internacional de Seguros y Reaseguros S.A. (Solunion) (Spain). The outlook of these Credit Ratings (ratings) is stable.

Solunion is the operating holding company of the Solunion group of companies, a 50-50 joint venture between the Mapfre group and Allianz Trade. Allianz SE is the ultimate parent of Allianz Trade.

The ratings reflect Solunion’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. Additionally, the assessment considers the continuously demonstrated strategic and operational support Solunion receives from its joint shareholders, which includes significant reinsurance support in the form of quota share arrangements and excess of loss protection.

Solunion’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, which remained at the strongest level at year-end 2025, as measured by Best’s Capital Adequacy Ratio (BCAR). The balance sheet strength assessment is also supported by Solunion’s prudent reserving approach and conservative investment strategy. Solunion is highly dependent on reinsurance, but the associated risk is considered limited, as reinsurance arrangements are solely with the company’s shareholders.

Consistently, Solunion has achieved positive net results over recent years, reporting a return-on-equity of 14.2% at year-end 2025, as calculated by AM Best. In 2025, Solunion reported a profit before tax of EUR 34.5 million driven by solid technical profits. Solunion has continued to report good results year-to-date through 2026. An offsetting factor is the potential volatility of trade credit and surety results stemming from the developing markets where Solunion operates. However, AM Best notes the company’s ability to take prompt risk-mitigating actions on non-performing business, when required.

Solunion has a growing position as a trade credit and surety specialist in its selected operating markets. Although the portfolio is concentrated in Spain, Solunion’s expansion in Latin America provides increasing geographic diversification. Positive business profile factors include the company’s ability to leverage the trade credit expertise and capabilities of Allianz Trade, whilst accessing Mapfre’s widespread and well-established distribution channels in its target markets.

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.

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