AM Best Affirms Credit Ratings of Virginia Surety Seguros de México, S.A. de C.V.

JANUARY 29, 2026 02:19 PM (EST)

AM Best Affirms Credit Ratings of Virginia Surety Seguros de México, S.A. de C.V.

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FOR IMMEDIATE RELEASE

MEXICO CITY - JANUARY 29, 2026 02:19 PM (EST)
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" (Excellent) of Virginia Surety Seguros de México, S.A. de C.V. (VSSM). In addition, AM Best has also affirmed the Mexico National Scale Rating (NSR) of "aaa.MX" (Exceptional) of VSSM. The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect VSSM's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

The stable outlooks reflect AM Best's expectation that VSSM will maintain a balance sheet strength assessment in the very strong range over the intermediate term with adequate operating results, contributing to the capital & surplus growth needed to support an expanding book of business. The rating also reflects the ongoing implicit and explicit support received as a member of the Assurant Enterprise. The ratings of VSSM also factor in its affiliation and strategic importance to Assurant, Inc., the ultimate parent.

VSSM is a subsidiary of Virginia Surety Company, Inc., a general underwriting entity part of The Warranty Group Holding, Inc. (TWGH). In 2017, TWGH completed a merger agreement with Assurant, Inc., with the purpose of combining insurance operations in various jurisdictions, including the operation in Mexico. VSSM started operations in Mexico in January 2017, focused on the auto insurance line of business and other property/casualty business lines. VSSM also underwrites specialty products, offering coverage in cases of theft or accidental damage for consumer technology products, such as cellphones, photographic and sound equipment and home appliances, and also for luxury products such as watches and women bags. VSSM places its coverage products through its network of manufacturers, distributors and retailers.

VSSM operates under the same management as Assurant Daños México, S.A. and Assurant Vida México, S.A., subsidiaries of Assurant, Inc. These companies operate separately, but do not compete against each other. Moreover, VSSM takes advantage of the operational synergies derived from being part of the Assurant group.

In 2024, VSSM maintained its balance sheet strength assessment in the very strong category and reinforced its capital base through the reinvestment of earnings and a capital injection received from the Assurant group to support its operation. During 2024, the company benefited from increased net premiums earned and reduced management expenses, which supported its return to profitability after three years of net losses. As of November 2025, the company remains profitable and increased its net income compared with 2024, showing a positive trend in its operating performance.

Negative rating actions could take place if there is substantial deterioration in VSSM's operating performance or aggressive growth in its premiums leads to a drop in risk-adjusted capitalization to levels no longer supportive of its current ratings.

Negative rating actions could also take place if AM Best considers that the parental support of VSSM or the strategic importance to its group deteriorates.

Factors that could lead to a positive rating action for VSSM include favorable results in operating performance.

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 www.ambest.com/ratings/methodology.

Key insurance criteria reports utilized:

· Evaluating Country Risk (Version June 6, 2024)

· Understanding Global BCAR (Version Sept. 18, 2025)

· 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: Feb. 21, 2025

· Initial Rating Date: Feb. 25, 2016

· Date Range of Financial Data Used: Dec. 31, 2019-Nov. 30, 2025

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

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If the ratings referred in this press release do not indicate a specific country suffix, it is understood that they are granted globally and not on a national scale.

AM Best does not validate or certify the information provided by the client in order to issue a credit rating.

While the information obtained from the material source(s) is believed to be reliable, its accuracy is not guaranteed. AM Best does not audit the company's financial records or statements, or otherwise independently verify the accuracy and reliability of the information; therefore, AM Best cannot attest as to the accuracy of the information provided.

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AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.