AM Best Revises Outlooks to Positive for Grupo Mexicano de Seguros, S.A. de C.V.’s Financial Strength Rating and the Long-Term Issuer Credit Rating

OCTOBER 01, 2025 12:32 PM (EDT)

AM Best Revises Outlooks to Positive for Grupo Mexicano de Seguros, S.A. de C.V.'s Financial Strength Rating and the Long-Term Issuer Credit Rating

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MEXICO CITY - OCTOBER 01, 2025 12:32 PM (EDT)AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "a-" (Excellent) of Grupo Mexicano de Seguros, S.A. de C.V. (GMX) (Mexico City, Mexico). At the same time, AM Best has affirmed GMX's Mexico National Scale Rating of "aaa.MX" (Exceptional) with a stable outlook. The Credit Ratings (ratings) reflect GMX's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The positive outlook revisions for the FSR and Long-Term ICR reflect AM Best's expectation that GMX will be able to sustain its strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). This also considers the company's profitable operation, characterized by premium sufficiency that is expected to contribute to future capital strengthening. GMX is a subsidiary of GMS Valore, S.A. de C.V., which provides GMX with synergies and operating efficiencies as a member of this group. The company initiated operations in Mexico City in 1998 and is a top company in Mexico's property/casualty segment. The company's chief business line is general and professional liability, operating mainly through a network of independent agents and promoters, as well as online sales. GMX has strengthened its capital base consistently as a result of positive bottom-line results over the years, as well as an increasing catastrophe reserve. GMX's risk-adjusted capitalization stands at the strongest level, as measured by the BCAR. The company's balance sheet is further protected by a thorough reinsurance structure, which is mostly placed with participants with an excellent level of security. For over six years, GMX's strong operating performance has been characterized by premium sufficiency on a large margin. Profitability has been achieved consistently through the company's underwriting results and further enhanced by investment income, which has improved in recent years as GMX achieves greater sophistication of its asset management and operations. GMX's management team has a solid track record of implementing strategies and taking advantage of opportunities for innovation in Mexico's increasingly competitive insurance market, through digital channels and technology capabilities. Positive rating actions could occur if GMX is able to demonstrate stability in its risk-adjusted capitalization, through profitable results and prudent capital management. Factors that may lead to negative rating actions include a continued deterioration of underwriting results to a level that no longer supports the strong operating assessment and ultimately causes an erosion of the company's capital base, weakening its balance sheet strength. The methodology used in determining these ratings is Best's Credit Rating Methodology (Version Aug. 29, 2024), which provides a comprehensive explanation of AM Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at https://www.ambest.com/ratings/methodology. Key insurance criteria reports utilized: · Evaluating Country Risk (Version June 6, 2024) · Understanding Global BCAR (Version Sept. 18, 2025) · Catastrophe Analysis in AM Best Ratings (Version Feb. 8, 2024) · Available Capital and Insurance Holding Company Analysis (Version Sept. 18, 2025) · Best's National Scale Ratings (Version July 31, 2025) · Scoring and Assessing Innovation (Version Feb. 20, 2025) View a general description of the policies and procedures used to determine credit ratings. For information on the meaning of ratings, structure, voting and the committee process for determining the ratings and monitoring activities, relevant sources of information and the frequency for updating ratings, please refer to Guide to Best's Credit Ratings. · Previous Rating Date: Sept. 27, 2024 · Initial Rating Date: July 25, 2013 · Date Range of Financial Data Used: Dec. 31, 2019-Dec. 31, 2024

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