LONDON–(BUSINESS WIRE)–A.M. Best has affirmed the Banking Backbone Appraisement of A (Excellent) and the Long-Term Issuer Acclaim Ratings of “a ” of Ses Catalana Occidente, S.A. de Ses y Reases (SCO) (Spain), Bilbao, Compañía Anónima de Ses y Reases, S.A. (SB) (Spain) and Plus Ultra Ses Generales y Vida, S.A. de Ses y Reases (PU) (Spain). All three companies are wholly endemic subsidiaries of Grupo Catalana Occidente, S.A. (GCO), the non-operating captivation aggregation of the GCO group, and anatomy the acceptable allowance business units of the group. The angle of these Acclaim Ratings (ratings) charcoal stable.
The ratings of SCO reflect its antithesis area strength, which A.M. Best categorises as actual strong, as able-bodied as its able operating performance, aloof business contour and adapted action accident management. The ratings additionally bureau in SCO’s cardinal accent to GCO, as its capital operating article of acceptable allowance business. The clue almanac of banking and operational abutment from GCO is a key bureau for the ratings. Furthermore, the ratings of SB and PU reflect their cardinal accent to the group.
GCO allowances from a actual able antithesis sheet, underpinned by an accomplished circumscribed risk-adjusted capitalisation, accurate by solid and acceptable antithesis from acceptable and acclaim allowance business. The ratings additionally absorb GCO’s favourable business contour accomplished through its acceptable and acclaim allowance subsidiaries, which are amid leaders in their corresponding markets.
SCO’s antithesis area backbone is underpinned by risk-adjusted capitalisation at the arch level, as abstinent by Best’s Capital Adequacy Arrangement (BCAR). The appraisal additionally factors in SCO’s cogent acknowledgment to Spanish bonds, which accept the abeyant to acquaint volatility. Nonetheless, A.M. Best expects the company’s antithesis area backbone to abide resilient, accurate by its able earnings, accomplished clamminess and the absence of alien borrowings. Abeyant animation alien by accident contest is bargain decidedly due to the protections afforded to the aggregation through the Spanish civic scheme, Consorcio de Compensación de Ses, which covers the majority of adverse perils in Spain.
SCO has a clue almanac of breeding able operating achievement as apparent by a five-year (2013-2017) abounding boilerplate accumulated arrangement and acknowledgment on disinterestedness of 86.4% and 19.4%, respectively. SCO’s abstruse after-effects were assisting beyond best non-life and activity business segments, admitting aggressive bazaar conditions, from bounded and all-around insurers in the company’s calm bazaar of Spain. The adherence in abstruse antithesis is underpinned by the company’s all-encompassing bureau network, which has been in abode for a cardinal of years and allows SCO to deeply administer the underwriting process.
The acceptable allowance business units of GCO collectively advance a able position in the group’s calm market. SCO is the arch article aural GCO’s acceptable allowance business unit, autograph about 26% of GCO’s circumscribed accounting exceptional in 2017. SCO, SB and PU accomplish alone in Spain, and calm anatomy a solid and adapted authorization with attendance in all of the regions and administration channels of Spain’s allowance market. GCO continues to advance in genising systems and platforms to booty advantage of abeyant synergies and actualize approaching amount savings.
This columnist absolution relates to Acclaim Ratings that accept been appear on A.M. Best’s website. For all appraisement advice apropos to the absolution and pertinent disclosures, including capacity of the appointment amenable for arising anniversary of the alone ratings referenced in this release, amuse see A.M. Best’s Recent Appraisement Activity web page. For added advice apropos the use and limitations of Acclaim Appraisement opinions, amuse appearance Understanding Best’s Acclaim Ratings. For advice on the able media use of Best’s Acclaim Ratings and A.M. Best columnist releases, amuse appearance Guide for Media – Able Use of Best’s Acclaim Ratings and A.M. Best Appraisement Action Columnist Releases.
A.M. Best is a all-around appraisement bureau and advice provider with a different focus on the allowance industry. Visit www.ambest.com for added information.
Copyright © 2018 by A.M. Best Appraisement Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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