AM Best Maintains Ratings for Quálitas Compañía de Seguros Amid Negative Outlook
AM Best has maintained the Financial Strength Rating of B+ (Good), the Long-Term Issuer Credit Rating of "bbb-" (Good), and the Mexico National Scale Rating of "aa-.MX" (Superior) for Quálitas Compañía de Seguros S.A. de C.V., based in Mexico City. The outlook for these ratings remains negative. However, the ratings have been withdrawn at Quálitas' request, indicating the company's decision to discontinue participation in the rating process.
The ratings assessment reflects Quálitas' solid operating performance, adequate balance sheet strength, and effective enterprise risk management. However, pressures on the balance sheet are impacting the negative outlook. These pressures primarily stem from substantial dividend distributions that affect organic capital growth and contribute to rising underwriting leverage.
In 2025, Quálitas demonstrated improved risk-adjusted capitalization, according to the Best’s Capital Adequacy Ratio (BCAR), despite ongoing dividend outflows. The company maintains a strong distribution network across Mexico, capturing a 34.2% market share in the competitive auto insurance sector as of March 2026. This market dominance is supported by strong brand recognition and strategic pricing adjustments.
Quálitas' policyholder surplus has shown growth over time, bolstered by strong net results. Despite this, their risk-adjusted capitalization is vulnerable to changes driven by dividend distributions. The company's effective risk management strategies, including currency matching and short-tenor investments, provide financial flexibility for capital management.
Quálitas continues to demonstrate strong operating performance, maintaining premium adequacy for over six years. Effective claims management, strategic market presence, and controlled administrative and underwriting expenses underpin its profitability.
AM Best's ratings are grounded in the firm's Credit Rating Methodology, dated August 29, 2024, which outlines the comprehensive rating process. The agency emphasizes the independence of its ratings and clarifies that these are not investment recommendations. AM Best receives compensation for rating services but upholds a strict code of independence and confidentiality.
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