AM Best

AM Best Revises Outlooks to Positive and Affirms Credit Ratings of Seguros El Roble, S.A.


Elí Sánchez
Director, Analytics
+52 55 9085 7503

Alfonso Novelo
Senior Director, Analytics
+52 55 9085 7501
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318


MEXICO CITY - JUNE 14, 2024 02:08 PM (EDT)
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Seguros El Roble, S.A. (El Roble) (Guatemala).

The Credit Ratings (ratings) reflect El Roble’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 (ERM).

The positive outlooks reflect AM Best’s expectation that El Roble will continue to expand its capital base while maintaining its current levels of risk adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by profitable operating results and prudent risk management.

El Roble, which was established in 1972, is the largest insurer in Guatemala with a market share of 22.4%. Its portfolio is composed mainly of non-life products (84%), as of December 2023, with the remainder (16%) tailored for the life insurance market. On a net basis, the accidents and health line of business represents 46% of the company’s premium portfolio, with 28% in property/casualty lines and the remaining 26% in life insurance business. Bicapital Corporation, a Panama-based private financial group that has financial services operations, including banking, insurance and asset management in Guatemala, Honduras, El Salvador, the Bahamas, Panama and the United States, owns El Roble. El Roble ranks No. 1 in accidents and health and auto in Guatemala.

AM Best views the company’s business profile as neutral, based on El Roble’s market leadership and its capacity to adjust the terms of its offerings adapting to the different business cycles, while aiming at higher diversification in lines and distribution channels into 2024. In addition, El Roble’s market-leading position has allowed it to outperform market growth rates continuously for the past 10 years while sustaining diversification in products and distribution channels.

AM Best’s market segment outlook on Guatemala’s insurance industry is stable owing to a strong economy, setting good growth prospects for the insurers in the country.

El Roble’s balance sheet strength is assessed at the strongest level, as the availability and quality of its capital are well-positioned for the company’s risk profile. In 2023, risk-adjusted capitalization, as measured by BCAR, continued to strengthen as the company reported positive net results while maintaining an appropriate risk profile. Historically, El Roble’s reinsurance program and ERM capabilities have been effective in protecting its balance sheet.

AM Best assesses El Roble’s operating performance as strong due to its capacity to maintain constant growth in its net income backed by solid underwriting. Strategic adjustments have allowed El Roble to navigate different cycles of the market. AM Best acknowledges that 2024 will be a challenging year in key segments of the market like major medical expenses; however, the company has full capacity to undertake these challenges.

Positive rating actions could take place if El Roble’s balance sheet strength continues to benefit from the consistency in its risk-adjusted capital derived from the company’s prudent capital management.

Negative rating actions could take place if El Roble’s operating performance renders negative results, either from deterioration in underwriting quality or market conditions.

The methodology used in determining these ratings is Best’s Credit Rating Methodology (Version Jan. 18, 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

Key insurance criteria reports utilized:

  • Evaluating Country Risk (Version Jan. 6, 2024)

  • Understanding Global BCAR (Version March 7, 2024)

  • Catastrophe Analysis in AM. Best Ratings (Feb. 8, 2024)

  • Available Capital and Insurance Holding Company Analysis (Version Jan. 18, 2024)

  • 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: May 25, 2023

  • Initial Rating Date: June 24, 2020

  • Date Range of Financial Data Used: Dec. 31, 2018-April 30, 2024

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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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. 

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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
078173 Seguros El Roble, S.A.