AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of MAPFRE Panamá S.A. (MAPFRE Panamá) (Panama City, Panama). The outlook of these Credit Ratings (ratings) is stable.
MAPFRE Panamá is a member of MAPFRE S.A. (MAPFRE), which on a consolidated basis has a balance sheet strength that AM Best assesses as very strong, as well as strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).
The ratings reflect MAPFRE Panamá’s geographic and strategic importance to the MAPFRE group, given its Central America presence, as well as the integration of the MAPFRE group’s practices, procedures, reinsurance, draft facilities, underwriting selection and ERM framework into MAPFRE Panamá, and the synergies and operating efficiencies derived from being a group member. As of May 2026, MAPFRE Panamá ranked as Panama’s third-largest insurer, based on gross written premium. Partially offsetting these positive rating factors are the competitive dynamics that persist in Panama’s property/casualty segment.
As of May 2026, the company’s business portfolio was composed of 19% in life premium and 81% in non-life; this business is diversified across accidents and health (38%), surety (25%) and auto (12.5%) with the remainder being miscellaneous property/casualty risks. MAPFRE Panamá ranks among the top companies in Panama’s health and surety insurance segments.
The ratings also reflect MAPFRE Panamá’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), which aligns with the strongest level of risk-adjusted capitalization for the group on a consolidated basis. The company has a solid capital base and good reserve position that provides sound financial flexibility. AM Best expects the company to sustain its risk-adjusted capitalization level, in addition to adhering to its ERM practices and procedures implemented by the MAPFRE group.
The strong competitive environment in Panama’s insurance market, especially in segments in which MAPFRE Panamá has leading positions, continues to generate challenging conditions and increased risk appetites across the industry, presenting operating performance challenges in specific segments such as auto, individual life and health. The company has been able to navigate the different market cycles and change in accounting standards. As of May of 2026, MAPFRE Panamá’s positive bottom-line results stood at USD 5 million.
Positive rating factors may arise should the MAPFRE group successfully expand its profile while maintaining strong operating performance and the very strong balance sheet fundamentals, in which case, the ratings of MAPFRE Panamá would move in tandem. If negative rating pressure develops as a result of a notable deterioration in balance sheet strength to a level no longer supportive of the very strong balance sheet assessment or following a deterioration in operating performance metrics of the MAPFRE group, below those commensurate with the strong assessment, the ratings of MAPFRE Panamá would mirror those actions. A change in AM Best’s perception regarding the actual or perceived level of MAPFRE Panamá’s strategic importance to the MAPFRE group also could impact the company’s ratings.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all 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. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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. For more information, visit www.ambest.com.
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