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AM Best Affirms Credit Ratings of Abarca - Companhia de Seguros S.A. AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of bbb- of Abarca Companhia de Seguros S.A. (Abarca) (Portugal). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Abarca s balance sheet strength, which AM Best categorises as strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management. Abarca s balance sheet strength is underpinned by its risk-adjusted capitalisation, as measured by Best s Capital Adequacy Ratio (BCAR), which is expected to remain at the strongest level for year-end 2020, albeit with a smaller capital buffer above the requirement for the strongest assessment than was the case in 2019. Abarca reported two large gross claims in 2020 (both under litigation), which increased its counterparty credit risk and reserving risk, leading to a reduction in risk-adju

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