Best Places Mapfre Unit on Review/Negative

A.M. Best Co. has placed the financial strength rating of “A+” (Superior) of Spain’s Mapfre Asistencia Compania Internacional de Seguros y Reaseguros S.A. (Mapfre Asistencia) under review with negative implications.

Best said the rating action reflects its “need to assess Mapfre Asistencia’s risk-adjusted capitalization following stronger than anticipated premium growth and revised capital charges for the risks the company is writing.”

Best also pointed out that “Mapfre Mutualidad, the ultimate parent company of Mapfre Asistencia, is currently in a restructuring process [See IJ web site June 1, 6 and related articles], which includes a review of capital allocation for Mapfre Mutualidad’s main subsidiaries. A.M. Best aims to resolve the under review status as soon as possible.”