AM Best

AM Best Affirms Credit Ratings of Worldwide Medical Assurance, Ltd. Corp.


Olga Rubo, FRM
Senior Financial Analyst
+52 55 1102 2720, ext. 134

Eli Sanchez
Director, Analytics
+52 55 1102 2720, ext. 122
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318


OLDWICK - DECEMBER 01, 2023 12:10 PM (EST)
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Worldwide Medical Assurance, Ltd. Corp. (WWMA) (Panama City, Panama). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect WWMA’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

WWMA’s sustained balance sheet strength, underpinned by risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), supports the rating affirmations in conjunction with AM Best’s expectations that profitability will continue to boost the company’s capital base.

The ratings also reflect WWMA’s consistently strong operating performance, supported by sound underwriting practices and a conservative investment strategy, as the company maintains its successful and gradual expansion into other Latin American markets. These strengths are offset by the increased underwriting risk resulting from a change in the WWMA’s retention profile, the company’s ability to implement growth targets and the highly competitive landscape in Latin America’s life and health insurance segments.

The company began operations in 1999 and has since grown successfully in its niche market, providing

insurance for clients traveling overseas to receive medical attention. This is achieved through a mix of brokers, bancassurance and direct distribution channels. WWMA benefits from its partial ownership by KfW DEG, the German development bank, through its holding company, Worldwide Group, Inc. In recent years, WWMA has expanded operations into other Latin American markets such as Guatemala, Bolivia and Paraguay.

WWMA’s model of optimizing the selection of medical care providers is backed up by a reinsurance program placed with highly rated counterparties, supporting its strategy of global expansion and further development of its book of business. In April 2020, an adjustment was made to the reinsurance structure of the health business line, moving toward higher retention. AM Best will continue monitoring the effect of this change on the company’s operating performance metrics and risk-adjusted capitalization.

Historically, WWMA has maintained positive capital-creation capacity, which, along with a conservative strategy of reinvesting profits, has contributed to its strongest level of risk-adjusted capitalization, as measured by BCAR. Capital management is strengthened further by a capital contribution of USD 5 million, made with the purpose to support the shift in the asset structure after the integration of an intangible asset corresponding to contracts for a medical providers network from its sister company, WW Concierge Healthcare Services, Ltd.

WWMA’s strong underwriting and stringent expense practices translate into consistent premium sufficiency metrics. Moreover, WWMA’s synergies with its sister company in the Dominican Republic, in conjunction with periodic adjustments to its reinsurance structure, have helped optimize the company´s underwriting. These measures, combined with stable financial products, have resulted in sustained profitability indicators, such as return on equity and return on assets, which stood at 12.9% and 4.4%, respectively, at year-end 2022.

As of June 2022, the company posted USD 1.5 million in net income with an increase in the loss ratio compared with past operating performance results.

Factors that could lead to positive rating actions include continued growth of the company’s capital base in the medium term, supportive of the current level of risk-adjusted capitalization, and successful consolidation of the company’s business strategy in targeted locations. Negative rating actions could take place if significant changes in the company’s strategy cause a negative effect in its income-generating profile or if the risk-adjusted capitalization deteriorates to levels no longer consistent with the strongest assessment.

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:

  • Evaluating Country Risk (Version May 4, 2023)

  • Understanding Global BCAR (Version July 6, 2023)

  • Available Capital & Holding Company Analysis (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, relevant sources of information and the frequency for updating ratings, please refer to Guide to Best’s Credit Ratings.

  • Previous Rating Date: Nov. 17, 2022

  • Initial Rating Date: Oct. 9, 2013

  • Date Range of Financial Data Used: Dec. 31, 2016-June 30, 2023

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

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.

If the ratings referred in this press release do not indicate a specific country suffix, it is understood that they are granted globally and not on a national scale.

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.

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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
091354 Worldwide Medical Assurance, Ltd. Corp.