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AM Best Revises Outlooks to Negative for Abarca - Companhia de Seguros S.A.

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of "bbb-" (Good) of Abarca Companhia de Seguros

Dubai , Dubayy , United-arab-emirates , United-states , Hong-kong , Singapore , Mexico-city , Distrito-federal , Mexico , Portugal , Spain , London

AM Best Revises Outlooks to Stable for Abarca - Companhia de Seguros S.A.

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of "bbb-" (Good) of Abarca Companhia de Seguros

Dubai , Dubayy , United-arab-emirates , United-states , Hong-kong , Singapore , Mexico-city , Distrito-federal , Mexico , Portugal , Spain , London

AM Best Revises Outlooks to Negative for Abarca - Companhia de Seguros S.A.

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of "bbb-" (Good) of Abarca Companhia de Seguros

Dubai , Dubayy , United-arab-emirates , United-states , Hong-kong , Singapore , Mexico-city , Distrito-federal , Mexico , Portugal , Spain , London

AM Best Affirms Credit Ratings of Abarca - Companhia de Seguros S.A.

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-adjusted capitalisation. The company benefits from a conservative and liquid investment portfolio. Offsetting factors include Abarca's high dependence on reinsurance, uncertainty surrounding the sufficiency of loss reserves in the absence of loss history, and the company's small capital base, which has the potential to exacerbate the sensitivity of its solvency position. Prospectively, AM Best will continue to monitor closely any significant claims development, including the outstanding litigations for the two large claims.

Dubai , Dubayy , United-arab-emirates , United-states , Hong-kong , Singapore , Mexico-city , Distrito-federal , Mexico , Portugal , Spain , London