Ratings roundup: Corpseguros, Cruz del Sur, ACE, Secrex

- Wednesday, October 6, 2010

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Chilean ratings agency Feller Rate affirmed its AA- rating on Chilean insurer Corpseguros, with a stable outlook, the ratings agency said in a release.

The affirmation is based on the company's credit quality, supported by a conservative financial structure, high levels of operational efficiency, adequate levels of equity coverage for relevant risks and ample support from its major shareholder, local financial holding Corp Group.

To read the full press release in Spanish, go to this link

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Feller Rate also affirmed its AA- rating on the life unit of Chilean insurance company Cruz del Sur and changed its outlook from stable to positive, the agency said in a separate release.

The affirmation is based on the company's solvency, a reasonable diversified product portfolio and distribution channels, a conservative financial structure, as well as the credit support of its parent company, locally-owned diversified holding Grupo Angelini.

The positive outlook is based on the company's fully committed management team and owners with the strategic consolidation project currently underway, which will enable Cruz del Sur to face the competitive environment.

To read the full press release in Spanish, go to this link

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Ratings agency Pacific Credit Ratings (PCR) has affirmed its financial strength rating at A on Peruvian insurer and reinsurer ACE Seguros, the agency said in a press release.

The affirmation is based on the company's solid market positioning, low risk level for its reinsurance segment, as well as its adequate levels of liquidity, profitability and coverage, and the support of its parent company, Swiss insurer ACE (NYSE: ACE).

To read the full report in Spanish, go to this link

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Finally, PCR also affirmed the financial strength rating at A+ for Peruvian credit insurer Secrex, a separate press release reads.

The affirmation is based on Secrex's solid market position, low risk levels for its reinsurance policies, its adequate levels of liquidity in its investment portfolio and the support of its parent company, Spanish credit insurer Cesce.

To read the full press release in Spanish, go to this link

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