Best’s News & Research Service - February 18, 2026 02:26 PM (EST)
AM Best Affirms Credit Ratings of Compañía Internacional de Seguros, S.A.
- February 18, 2026 02:26 PM (EST)
//BestWire// - AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Compañía Internacional de Seguros, S.A. (CIS) (Panama City, Panama). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect CIS’ balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
CIS’ balance sheet strength is underpinned by its risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), historically positive technical and bottom-line results, its leading position in Panama’s insurance market, a strong reinsurance program, a seasoned management team, solid risk-management practices and geographic diversification through Internacional de Seguros in Costa Rica. Partially offsetting these positive rating factors are the challenges CIS faces operating in a relatively limited and increasingly competitive insurance market.
In 1910, CIS initiated operations as a multiline insurer and ranks among the top insurance companies in Panama based on premium market share. The company’s largest business lines include health, automobile, miscellaneous group and individual life insurance. CIS operates through a network of brokers and office branches in several cities throughout Panama.
Historically, CIS has increased its capital base at 8.4% compound annual growth rate as a result of positive bottom-line results, driven by a consistent inflow of underwriting and investment incomes, which reflects the management team’s market knowledge and experience. AM Best expects the company’s risk-adjusted capitalization to remain stable.
In 2025, CIS’ strong operating performance was reflected by a combined ratio of 90.3% and a return on net earned premiums of 40%. These results were supported by continued positive performance in its life and health businesses, which were the main contributors to the company’s net income last year.
The company leverages its health segment performance through Blue Cross Blue Shield, a health care provider network in the United States. CIS’ financial income continues to support its results; however, the company is not dependent on this revenue to achieve positive bottom-line results.
Despite these many positive characteristics, CIS’ ratings are limited by the competitive environment in its domestic market, as well as AM Best’s perception of the country risk in Panama, which has an AM Best country risk tier ranking of CRT-4, the second-highest level.
Factors that might lead to negative rating actions include protracted adverse underwriting and overall operating performance, changes in strategic alliances, a significant deterioration in CIS’ risk-adjusted capitalization or a downgrading of Panama’s country risk tier rating. Although unlikely in the near term, positive rating actions could take place as a result of the continued growth in the company’s capital base in the medium term, which would be supportive of CIS’ current level of risk-adjusted capitalization, as measured by BCAR, along with a successful consolidation of its business strategy.
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:
- Evaluating Country Risk (Version June 6, 2024)
- Understanding Global BCAR (Version Sept. 18, 2025)
- Catastrophe Analysis in AM Best Ratings (Version Feb. 8, 2024)
- Available Capital and Insurance Holding Company Analysis (Version Sept. 18, 2025)
- Rating Surety Companies (Version April. 25, 2024)
- 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: Feb. 20, 2025
- Initial Rating Date: Dec. 28, 2007
- Date Range of Financial Data Used: June 30, 2021-June 30, 2025
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