AM Best

MARCH 08, 2023 02:45 PM (EST)

AM Best Affirms Credit Ratings of Armour Secure Insurance S.A. de C.V.

 Inger Rodriguez
Associate Financial Analyst
+52 55 1102 2720, ext. 108

Elí Sánchez
Associate Director, Analytics
+52 55 1102 2720, ext. 122

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159

Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098


MEXICO CITY - MARCH 08, 2023 02:45 PM (EST)
AM Best has affirmed the Financial Strength Rating (FSR) of B (Fair), the Long-Term Issuer Credit Rating (Long-Term ICR) of “bb” (Fair) and the Mexico National Scale Rating (NSR) of “a.MX” (Excellent) of Armour Secure Insurance S.A. de C.V. (Armour) (Mexico). The outlook of the FSR is stable, while the outlook of the Long-Term ICR and NSR is positive.

The Credit Ratings (ratings) reflect Armour’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, limited business profile and marginal enterprise risk management (ERM).

The positive outlook on the Long-Term ICR and NSR reflects the corrective actions taken on financial leverage at the holding company level, which was derived from changes in the organizational structure of the group.

The strong balance sheet assessment reflects Armour’s capital base, consistently strengthened through the reinvestment of earnings. Armour has been able to sustain a profitable domestic operation through its underwriting results and investment income.

Armour’s business profile is limited due to its concentration in the niche market of title insurance in Mexico, coupled with challenges ahead for the real estate market there amid Mexico’s weakened economy.

AM Best’s view of the company’s ERM is marginal due to concerns regarding governance and availability of information at its holding company, Trebuchet Group Holdings Limited.

Positive rating actions could take place if Armour’s holding company maintains a prudent growth strategy and stabilizes its structure and capital management in AM Best’s view. Negative rating actions could take place if operating performance deteriorates to the point of affecting the company’s risk-adjusted capitalization.

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:

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

  • Evaluating Country Risk (Version Oct. 13, 2017)

  • Rating Title Insurance Companies (Version Sept. 1, 2022)

  • Understanding Global BCAR (Version June 30, 2022)

  • AM Best’s Ratings On a National Scale (Version Oct. 13, 2017)

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

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, please refer to Guide to Best’s Credit Ratings.

  • Previous Rating Date: Feb. 4, 2022

  • Date Range of Financial Data Used: Dec. 31, 2016-Dec. 31, 2022

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.

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.

AM Best receives compensation for interactive rating services provided to organizations that it rates. AM Best may also receive compensation from rated entities for non-rating related services or products offered by AM Best. AM Best does not offer consulting or advisory services. For more information regarding AM Best’s rating process, including handling of confidential (non-public) information, independence, and avoidance of conflicts of interest, please read the AM Best Code of Conduct. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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
091459 Armour Secure Insurance S.A. de C.V.