Fitch assigns AA- rating to Security Vida life insurer
Bnamericas Published: Tuesday, August 29, 2006
Fitch Ratings has assigned its AA- rating to the insurance contracts of Chilean life insurer Security Vida with a stable outlook, the agency said in a report. The rating is based on the recent strengthening of Security Vida's parent, domestic financial services group Grupo Security, after its March purchase of life annuities company Interrentas from US insurer AIG (NYSE: AIG). The agency also took into consideration the parent's positioning in the financial services market through banking unit Banco Security and P&C insurer Penta-Security. Security Vida commanded a 2.4% market share at end-June, with 19.6bn pesos (US$36.6mn) in premiums. To read the full report in Spanish, go to this link
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