AM Best Upgrades Credit Ratings of Seguros El Roble, S.A.

MEXICO CITY--(BUSINESS WIRE)--#insurance--AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent) of Seguros El Roble, S.A. (El Roble) (Guatemala). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.

The 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 upgrading of these ratings reflects El Roble`s consistent capital base expansion and its strongest levels of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), driven by profitability and protected by prudent risk management and a comprehensive reinsurance structure.

El Roble, which was established in 1972, is the largest insurer in Guatemala with a market share of 24.6%. Its portfolio is composed mainly of non-life products (78%), as of December 2025, with the remainder (22%) tailored for the life insurance market. El Roble is owned by 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. El Roble ranks No. 1 in accidents, health, auto and life in Guatemala.

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

AM Best assesses El Roble’s balance sheet strength as strongest, as the availability and quality of its capital are well-positioned for the company’s risk profile. In 2025, 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.

The outlooks revised to stable from positive reflect AM Best's expectations that El Roble will maintain the strongest level of risk-adjusted capitalization, as measured by BCAR; supported by profitable operating results, prudent risk management and further protected by a solid reinsurance structure.

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

While positive rating actions are not likely to take place in the short-to-medium term, they could be driven by extraordinary underwriting results that compare favorably to the very strong operating performance.

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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Inger Rodriguez, CPCU
Senior Financial Analyst
+52 55 1102 2720, ext. 108
inger.rodriguez@ambest.com

Alfonso Novelo
Senior Director, Analytics
+52 55 1102 2720, ext. 107
alfonso.novelo@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com