Best’s News & Research Service - March 31, 2026 11:55 AM (EDT)
AM Best Assigns Credit Ratings to Aseguradores Argentinos Compania de Reaseguros S.A.
- March 31, 2026 11:55 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 Aseguradores Argentinos Compania de Reaseguros S.A. (ACR) (Argentina). The outlook assigned to these Credit Ratings (ratings) is stable.
These ratings reflect ACR’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
ACR is a reinsurance company founded in 2012 in Buenos Aires, Argentina, and ranks among the country’s top reinsurance companies based on gross premiums market share. The company operates through a network of brokers and direct distribution channels domestically. As of June 2025, property/casualty insurance constituted 99% of ACR’s portfolio, including surety coverages.
ACR’s balance sheet strength is underpinned by its risk-adjusted capitalization being at the very strong level, as measured by Best’s Capital Adequacy Ratio (BCAR). The ratings also reflect the company’s sound underwriting profitability despite volatile economic headwinds, its well-structured and diversified reinsurance program, and its seasoned management team. Partially offsetting these positive rating factors is Argentina´s historically challenging macroeconomic environment.
ACR has expanded its capital base at an 11% compound annual growth rate supported mainly by positive bottom-line results, which are driven by a consistent inflow of underwriting and investment income, reflecting management’s well-rounded experience and market knowledge of Argentina. A well-balanced reinsurance program placed among counterparties with a strong credit quality level also reinforces ACR’s risk-adjusted capitalization while containing counterparty risk exposure. In AM Best´s view, the company’s balance sheet is mainly pressured by the credit quality of its fixed income investment allocation.
ACR has shown disciplined underwriting in a highly volatile market impacted by inflation and foreign exchange rate pressures. As of June 2025, ACR reflected sound underwriting and profitability metrics, characterized by a 79.9% combined ratio and a return-on-equity ratio of 12.5%. AM Best expects ACR’s strong operating performance to be maintained and benefit further from the country’s stabilization of inflation rates.
Factors that could lead to negative rating actions include a deterioration of ACR’s risk-adjusted capitalization to levels no longer supportive of the ratings in light of macroeconomic risks that could pressure AM Best’s view of the company’s balance sheet strength. Additionally, negative rating actions could occur if underwriting performance deteriorates to levels no longer supportive of a strong operating performance assessment. While unlikely in the short term, positive ratings actions could take place if the company’s capital base expands to levels supportive of the strongest level for its balance sheet strength assessment.
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:
· Available Capital and Insurance Holding Company Analysis (Version Sept. 18, 2025)
· Rating Surety Companies (Version April 25, 2024)
· Evaluating Country Risk (Version June 6, 2024)
· Scoring and Assessing Innovation (Version Feb. 20, 2025)
· Understanding Global BCAR (Version Sept. 18, 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: March 31, 2026
· Date Range of Financial Data Used: Dec. 31, 2020-Dec. 31, 2025
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