AM Best

AM Best Assigns Credit Ratings to Olé Insurance Group Corp I.I.


Olga Rubo, FRM
Senior Financial Analyst
+52 55 1102 2720, ext. 134

Alfonso Novelo
Senior Director, Analytics
+52 55 1102 2720, ext. 107
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318


OLDWICK - OCTOBER 30, 2023 03:15 PM (EDT)
AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb” (Good) to Olé Insurance Group Corp I.I. (Olé Insurance) (San Juan, Puerto Rico). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Olé Insurance’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

The ratings also reflect the company’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), prudent investment practices and an innovative business model. On the downside, Olé Insurance is subject to volatility derived from its relatively recent start of operations, expansion risk and sensitivity to changes in the evolution of its business plan.

Olé Insurance specializes in term life insurance, beginning operations in 2019 as Amedex Assurance Corp I.I. The company is licensed as a Class 5 International Insurer. Geographically, gross premiums are mainly distributed in Latin America: Ecuador (30%), Mexico (20%), Venezuela (11%) and the remainder (39%) in 17 other countries. The company has a growing distribution network, with over 3,000 independent agents based in the United States and Latin America.

The company’s operation is supported by automated systems and specialized personnel equipped with digital tools to assist prospective clients. Olé Insurance also uses background checks and technological tools to analyze the profiles of its clients. Some applications are automatically approved, and do not require medical examinations for assured sums of up to USD 1 million.

Olé Insurance’s risk-adjusted capitalization is at the strongest level, as measured by BCAR, with underwriting risk standing as the main component for required capital. Overall, the company’s balance sheet is very strong, but it is subject to volatility derived from its net business portfolio of distribution and growth.

As of year-end 2022, Olé Insurance’s gross written premiums stood at USD 2.9 million, and, as expected from a new company, technical income and year-end results were negative. Prudent underwriting practices are the key drivers that could influence future operating results.

Factors that could lead to positive rating actions include the continued growth of Olé Insurance’s capital base in the medium term, support of its current level of risk-adjusted capitalization and successful consolidation of its business strategy. Negative rating actions could occur if premium growth or adverse development of the underwriting portfolio erodes Olé Insurance’s capital base and reduces risk-adjusted capitalization to a level that no longer supports the ratings, or as a result of an unfavorable development in the company’s business strategy.

The methodology used in determining these ratings is Best’s Credit Rating Methodology (Version Nov. 13, 2020), which provides a comprehensive explanation of AM Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at .

Key insurance criteria reports utilized:

  • Evaluating Country Risk (Version May 4, 2023)

  • Understanding Global BCAR (Version July 6, 2023)

  • Rating New Company Formations (Version Sept. 7, 2023)

  • Scoring and Assessing Innovation (Version Feb. 27, 2023)

  • Available Capital and Holding Company Analysis (Version Oct. 13, 2017)

View a general description of the policies and procedures used to determine credit ratings. For information on the meaning of ratings, structure, voting and the committee process for determining the ratings and monitoring activities, relevant sources of information and the frequency for updating ratings, please refer to Guide to Best’s Credit Ratings.

  • Previous Rating Date: Not Rated

  • Initial Rating Date: Oct. 30, 2023

  • Date Range of Financial Data Used: Nov. 7, 2019-Dec. 31, 2022

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to rating(s) that have been published on AM Best’s website. For additional rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page.

If the ratings referred in this press release do not indicate a specific country suffix, it is understood that they are granted globally and not on a national scale.

AM Best does not validate or certify the information provided by the client in order to issue a credit rating.

While the information obtained from the material source(s) is believed to be reliable, its accuracy is not guaranteed. AM Best does not audit the company’s financial records or statements, or otherwise independently verify the accuracy and reliability of the information; therefore, AM Best cannot attest as to the accuracy of the information provided.

AM Best’s credit ratings are independent and objective opinions, not statements of fact. AM Best is not an Investment Advisor, does not offer investment advice of any kind, nor does the company or its Ratings Analysts offer any form of structuring or financial advice. AM Best’s credit opinions are not recommendations to buy, sell or hold securities, or to make any other investment decisions. View our entire notice for complete details.

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AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.

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AMB# Company Name
043234 Olé Insurance Group Corp I.I.