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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

AM Best Upgrades Financial Strength Rating and Issuer Credit Ratings of Assurant Daños México, S.A. and Assurant Vida México, S.A.

AM Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) to “a” (Excellent) from “a-” (Excellent) of Assurant Daños México, S.A. (ADM) and Assurant Vida México, S.A. (AVM). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. In addition, AM Best has affirmed the Mexico National Scale Rating (NSR) of “aaa.MX” (Exceptional) of ADM and AVM. The outlook of the NSR is stable.

The ratings reflect ADM’s and AVM’s balance sheet strengths, which AM Best assesses as very strong, as well as each company’s adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

The upgrading of the companies’ FSR and Long-Term ICRs reflect upward revisions in each company’s balance sheet strength assessments through sustained strongest risk-adjusted capitalization levels, as measured by Best’s Capital Adequacy Ratio (BCAR), underpinned by consistent profitable results.

The ratings of ADM and AVM also reflect their affiliation and strategic importance to Assurant, Inc., the ultimate parent, as a stepping-stone to growth in the Latin American market. The ratings also consider the solid reinsurance structure mainly supported by the group. ADM and AVM initiated operations in 2004 and are owned by Assurant Holding Mexico, S. de R.L. de C.V., which is part of Assurant, Inc. Distribution for both companies is based on sales through financial institutions, auto companies, telecommunications carriers, retailers and other channels.

ADM and AVM follow their group’s underwriting, ERM and corporate governance practices. They also receive reinsurance support and benefit from their brand recognition, which expands their market share in Mexico. Both subsidiaries also benefit from their group’s capital contributions, when required, to support their growth targets.

In 2023, ADM improved its balance sheet strength assessment to very strong as the company continued to strengthen its capital base through the reinvestment of earnings. Premium growth in 2023, benefited from an improvement in sales in the company’s global auto, mobile, home and retail business lines, as well as commercial alliances with high-profile distributors and global companies. As of December 2024, ADM increased its profitability through positive technical and underwriting results and the containment of management expenses. This was supported by an increase in investment income, partially resulting from its strategic asset allocation.

AVM’s balance sheet strength assessment also improved to very strong in 2023, supported primarily by improved profitability. AVM’s underwriting results also benefited from a reserve release in 2023, mainly due to the annualization of its policies. The company presented positive bottom-line results as of December 2024, backed by profitable underwriting and strengthened by investment income.

Negative rating actions could take place if substantial deterioration of operating performance or aggressive growth in premiums leads to a drop in both companies’ risk-adjusted capitalization to levels no longer supportive of the current ratings.

Negative rating actions could also take place if AM Best considers that parental support of ADM and AVM, or their strategic importance to the group, deteriorates.

While positive rating actions are unlikely, factors that could lead to them for ADM and AVM include favorable results in operating performance.

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.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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