Recent Ratings Recaps: MAPFRE; NZ Civic Assurance

A.M. Best Co. has affirmed the financial strength rating of “A” (Excellent) and has assigned an issuer credit rating (ICR) of “a” to MAPFRE PRAICO Group of Puerto Rico. Best also affirmed the FSR of “A” (Excellent) and the ICRs of “a” of the group members. These are: The lead company, MAPFRE PRAICO Insurance Company and its wholly owned subsidiary, MAPFRE Preferred Risk Insurance Company, as well as an affiliate company, MAPFRE Pan American Insurance Company, whose businesses are significantly reinsured by MAPFRE PRAICO Insurance Company. The outlook for the FSR is stable, as is the outlook assigned to the ICRs. Best said the affirmation “reflects the group’s excellent capitalization, solid operating performance and strong market position in Puerto Rico.”

A.M. Best Co. has affirmed the financial strength rating of “A” (Excellent) and the issuer credit rating (ICR) of “a” of New Zealand Local Government Insurance Corporation Ltd (Civic Assurance). The outlook for both ratings remains stable. Best said the affirmations reflect “Civic Assurance’s solid capitalization, strong operating performance and niche underwriting focus on commercial property insurance within the local government sector in New Zealand, representing 87 percent share in its designated market.”