AM Best Assigns Credit Ratings to Interamericana de Seguros, S.A.
- September 18, 2026 12:15 PM (EDT)
//BestWire// - AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb+” (Good) to Interamericana de Seguros, S.A. (Ficohsa Seguros) (Tegucigalpa, Honduras). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Ficohsa Seguros’ 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.
Ficohsa Seguros, legally incorporated as Interamericana de Seguros, S.A., was established in Honduras, in 1957. The company was acquired by Grupo Financiero Ficohsa, S.A. in 1996, and subsequently, adopted its current commercial name. Grupo Financiero Ficohsa, S.A. is a conglomerate with operations in banking, insurance, pensions, brokerage and other financial services across Central America. Through this affiliation, Ficohsa Seguros leverages common branding, corporate governance, technological capabilities and access to Banco Ficohsa’s customer and distribution networks.
Ficohsa Seguros is the largest insurance company in Honduras, holding a market share of 24% as of December 2025. Its business portfolio has a distribution network comprised of 26% fire and allied perils, 25% group life, 22% accident and health and the rest (27%) in other business lines.
The company’s balance sheet strength is underpinned by its risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Capital base has benefited from positive bottom-line results, which Ficohsa Seguros has presented during its extensive track-record, limited by significant dividend payments. For forecasted years, BCAR is expected to remain consistent with current trends, supported by moderate premium growth.
Ficohsa Seguros’ operating performance is assessed as strong. The company’s results benefit from its scale, leading market position and access to business generated through the group. While investment income contributes to the company’s earnings, profitability is fully achieved through technical results in its main business lines, rendering premium sufficiency levels that align well to the strong assessment. AM Best expects Ficohsa Seguros to maintain profitable results, which will continue strengthening the company's capital base.
Negative rating actions could occur if Ficohsa Seguros' risk-adjusted capitalization deteriorates to a level no longer supportive of the current ratings, as a result of significant dividends or capital outflows, which diminish AM Best's view of the company's balance sheet strength. Negative rating actions could also take place as a result of a sustained deterioration in Ficohsa Seguros' operating performance metrics to levels that are no longer supportive of the strong assessment. Positive rating actions could take place, in the medium term, as a result of the continued growth in the company’s capital base, supportive of the current level of risk-adjusted capitalization and 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 06, 2024)
- Understanding Global BCAR (Version July 16, 2026)
- 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: Sept. 18, 2026
- Date Range of Financial Data Used: Dec. 31, 2021-June 30, 2026
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