AM Best

AM Best Revises Outlooks to Positive, Affirms Credit Ratings of Grupo Aserta S.A.P.I. de C.V. and Its Main Subsidiaries


Ricardo Rodríguez Pérez
Financial Analyst
+52 55 1102 2720, ext. 139

Elí Sánchez
Director, Analytics
+52 55 1102 2720, ext. 108

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318


MEXICO CITY - DECEMBER 08, 2023 03:53 PM (EST)
AM Best has revised the outlook to positive from stable and affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-” (Good) and the Mexico National Scale Rating (NSR) of “aa-.MX” (Superior) of Grupo Aserta S.A.P.I. de C.V. (GA). Concurrently, AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent), the Long-Term ICR of “a-” (Excellent) and the NSR of “aaa.MX” (Exceptional) of Aseguradora Insurgentes, S.A. de C.V. (AISA), and its sister company, Aseguradora Aserta, S.A. de C.V. (Aserta), which are the main subsidiaries of GA. The outlooks of the NSRs are stable. All companies are domiciled in Mexico City, Mexico.

These Credit Ratings (ratings) reflect AISA and Aserta’s consolidated balance sheet strength, which AM Best assesses as very strong, as well as their strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The positive outlooks reflect AM Best’s expectation that GA’s balance sheet strength assessment will continue to develop positively while ongoing strategic initiatives help further diversify revenues and net income. In January 2017, AISA and Aserta were authorized to operate as insurances entities under a surety insurance (seguro de caución) license, and changed their names from Afianzadora Insurgentes, S.A. de C.V. and Afianzadora Aserta, S.A. de C.V., respectively. In July 2018, the companies received approval to underwrite surety, surety insurance and credit insurance. As of December 2022, most of the business volume corresponding to surety insurance was issued primarily through Aserta’s Spain branch office.

The ratings also reflect the group’s leading position in Mexico’s surety market, historically good consolidated operating performance throughout the market cycle and its seasoned management team. In addition, the ratings recognize the companies’ affiliation as larger members of GA.

The group’s positive rating factors are driven by its surety companies’ solid surplus positions and sound underwriting practices, in conjunction with reinsurance programs placed among highly rated reinsurance counterparties. AISA and Aserta have maintained positive bottom-line results despite the slow development of Mexico’s surety industry during the past few years and into 2023. In addition, the geographic expansion through Aserta’s Spain branch has been an important driver of profitability and growth. The group has invested in innovative initiatives that have differentiated it from competitors and added value for its clients.

As of September 2023, Mexico’s surety market continues to show hardening conditions amid signs of growth in the surety segment, specifically in infrastructure projects. The companies have reported positive bottom-line results for the past eight years, with a stable return on gross written premium across different business cycles and adequate profitability metrics in comparison with other Mexico surety writers. At the same time, GA has taken measures to counter potentially adverse market conditions and diversified its revenue further by increasing its international presence and by taking advantage of new surety insurance opportunities. Going forward, the company expects to continue expanding into Spain as global business as its registration in other territories generates business. AM Best expects AISA and Aserta to maintain their strong market share and meet expansion targets while maintaining supportive risk-adjusted capitalization levels, as measured by Best’s Capital Adequacy Ratio (BCAR).

GA is well-protected by its reinsurance program and its contingency reserves. The company’s appropriate ERM framework has allowed it to manage exposures effectively and make efficient use of its capital to improve its solvency.

Positive rating actions could take place for GA and its subsidiaries if the companies continue to bolster their capital base and financial strength while successfully implementing a geographic diversification strategy. Factors that could lead to negative rating actions are downfalls in the expected performance of the companies in terms of profitability and capital generation. Furthermore, negative rating actions also could result from adverse scenarios in the surety market that translate into material deterioration of the company’s risk-adjusted capitalization to levels that AM Best considers non-supportive of the current ratings.

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 (May 4, 2023)

  • Understanding Global BCAR (July 6, 2023)

  • Available Capital & Holding Company Analysis (Oct. 13, 2017)

  • Rating Surety Companies (April 7, 2021)

  • AM Best’s Ratings On a National Scale (Version June 15, 2023)

  • Scoring and Assessing Innovation (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: Jan. 13, 2023

  • Initial Rating Date: Feb. 6, 2015

  • Date Range of Financial Data Used: Dec. 31, 2018-Sep. 30, 2023

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

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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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