Peru
News

Moody's ups outlook to positive on Peru's Rimac Seguros

Bnamericas Published: Tuesday, December 04, 2012
Moody's Investor Service affirmed Peruvian insurer Rimac Seguros' Baa3 insurance financial strength rating (IFS) and changed its outlook to positive from stable. The ratings affirmation is based on Rimac's leadership in the local insurance market, good product diversification and profitability and its affiliation with Peruvian financial group and majority-owner Grupo Breca, Moody's said in a press release. "Rimac benefits from its integration and synergies with Grupo Breca, given the wide presence of the group in the Peruvian economy, thereby leveraging Rimac's operations." In assigning Rimac a positive outlook Moody's noted the firm's improving investment diversification, favorable reserve development and solid underwriting results from its general insurance segments. The positive outlook also reflects Moody's view that Rimac's asset quality and financial flexibility will improve enough to justify a higher rating should Peru's sovereign credit rating (currently Baa2, positive outlook) be upgraded, Moody's added. Future ratings changes will follow Peru's sovereign credit rating and or developments in Rimac's asset quality. Rimac's chance for an upgrade would also be greatly improved by a reduction of its exposure to the catastrophe segment, Moody's said. Rimac is a major distributor of P&C, life and health insurance to individuals and companies. The firm recently launched policies that insure jewelry backed loans.

Subscribe to the most trusted business intelligence platform in Latin America. Let us show you our solutions for Suppliers, Contractors, Operators, Government, Legal, Financial and Insurance.

Subscribe to Latin America’s most trusted business intelligence platform.

Other projects

Get key information on thousands of projects in Latin America, from current stage, to capex, related companies, key contacts and more.

  • Project: Los Ricos
  • Current stage: Blurred
  • Updated: 1 day ago

Other companies

Get key information on thousands of companies in Latin America, from projects, to contacts, shareholders, related news and more.

  • Company: Empresa Construtora Brasil S.A.  (ECB)
  • Empresa Construtora Brasil S.A. (ECB) works on engineering and construction of projects on road, railway, urban, industrial, port and airport, civil and mining infrastructure, n...
  • Company: Mercantil Commodity S.A.C.
  • Mercantil Commodity S.A.C./Mercantil S.A. has 35 years of experience in distribution of sodium cyanide in Peru and Latin America. The company was the first in Peru to work under...
  • Company: Ingersoll Rand, Inc.  (Ingersoll Rand)
  • Ingersoll Rand is a diversified global company that manufactures flow control products. Through different brands, the company offers air compressors, oil-free compressors, oil-i...
  • Company: United Telecommunication Services N.V.  (UTS)
  • United Telecommunication Services N.V. (UTS) is a parent company founded in 1999 which operates telecommunication firms in the Caribbean; offering mobile services which include ...
  • Company: Clariant AG  (Clariant)
  • Clariant AG is a Swiss-based specialty chemical company focused on energy efficiency, renewable raw materials, emission-free mobility and conserving finite resources. Its four b...
  • Company: Liberty Insurance Underwriters, Inc.  (LIU)
  • Liberty International Underwriters (LIU) is an American insurance company that provides products, adapted for each client, including casualties, specialty casualties, crisis man...