Best’s News & Research Service - May 26, 2026 11:47 AM (EDT)
AM Best Assigns Credit Ratings to Aseguradora del Sur C.A.
- May 26, 2026 11:47 AM (EDT)
//BestWire// - AM Best has assigned a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-” (Good) to Aseguradora del Sur C.A. (Asur) (Quito, Ecuador). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Asur’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
Asur is an Ecuadorian insurance and reinsurance company that is owned 97% by Vatin Enterprise-Holding S.A.S. The company was founded in 1990 in Cuenca, Ecuador by Rodrigo Cevallos Breilh. The company is one of the top competitors with 6% market share in 2025, holding over 35 years of experience in the insurance market. Asur has an experienced management team composed of high-level professionals and top reinsurers. Asur’s business profile assessment is neutral, underpinned by its track record within the country and successful adaptation to the many economic and political transformations in the country, diversification across lines of business and domestic widespread presence.
Asur’s balance sheet strength is underpinned by its risk-adjusted capitalization at the very strong level, as measured by Best’s Capital Adequacy Ratio (BCAR). The company`s capital base has grown consistently, benefiting from the consistent reinvestment of earnings and capital contributions made by shareholders. Furthermore, Asur is well protected by its reinsurance program, placed among highly rated reinsurers, purchasing coverage for a 1-in-500-year event.
AM Best assesses Asur’s operating performance as adequate and is characterized by positive bottom-line results driven by sound risk selection and good underwriting performance. The profitability is strengthened further by investment income and other income such as emission rights and assistance charges collected through policies.
AM Best assesses Asur’s ERM as appropriate as the company’s management has the capabilities to manage, identify, measure and control risk. Asur holds a comprehensive catastrophe protection program.
The stable outlooks reflect AM Best’s expectation that Asur will maintain a very strong level of risk-adjusted capitalization, as measured by BCAR, while growing its capital base through the consistent reinvestment of earnings.
Positive rating actions could occur if Asur’s capital base continues to grow and reaches the strongest level of risk-adjusted capitalization, as measured by BCAR, supported by improvements in net underwriting leverage. Negative rating actions could take place if the company’s operating performance deteriorates to levels no longer supportive of the adequate assessment either through changes in underwriting or adverse market developments. Negative rating actions also could take place if the company’s capital base erodes due to either high-dividend payments or significant underwriting losses.
The methodology used in determining these ratings is Best’s Credit Rating Methodology (Version Aug. 29, 2024), 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 www.ambest.com/ratings/methodology.
Key insurance criteria reports utilized:
- Best's Credit Rating Methodology (Version Aug. 29, 2024)
- Evaluating Country Risk (Version June 6, 2024)
- Understanding Global BCAR (Version Sept. 18, 2025)
- Catastrophe Analysis in AM Best Ratings (Version Feb. 27, 2026)
- Available Capital and Insurance Holding Company Analysis (Version Sept. 18, 2025)
- Scoring and Assessing Innovation (Version Feb. 20, 2025)
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: May 26, 2026
- Date Range of Financial Data Used: Dec. 31, 2020-Dec. 31, 2025
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