AM Best Removes from Under Review with Positive Implications and Affirms Credit Ratings of Sompo Seguros Mexico S.A. de C.V.

MARCH 26, 2026 12:41 PM (EDT)

AM Best Removes from Under Review with Positive Implications and Affirms Credit Ratings of Sompo Seguros Mexico S.A. de C.V.

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FOR IMMEDIATE RELEASE

MEXICO CITY - MARCH 26, 2026 12:41 PM (EDT)
AM Best has removed from under review with positive implications and affirmed the Financial Strength Rating of A+ (Superior), the Long-Term Issuer Credit Rating of "aa-" (Superior) and the Mexico National Scale Rating (NSR) of "aaa.MX" (Exceptional) of Sompo Seguros Mexico, S.A. de C.V. (Sompo Mexico) (Mexico City, Mexico). The outlook assigned to the FSR and NSR is stable, while the outlook assigned to the Long-Term ICR is positive.

Sompo Mexico is a subsidiary of Sompo America Insurance Company (SAIC) and a member of Sompo International Holdings Ltd. (SIH). Sompo Japan Insurance Inc. (SJ) is the core operating unit of Sompo Holdings, Inc. (Sompo Holdings), the ultimate parent and one of the largest non-life insurance groups in Japan. Sompo Mexico is well-integrated into the group.

These Credit Ratings (ratings) reflect SJ's balance sheet strength on a consolidated basis, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).

The ratings recognize Sompo Mexico's integration and support from SIH and SJ, through SAIC, which provides synergies and operating efficiencies to the Mexico subsidiary. Sompo Mexico maintains the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR).

The ratings were removed from under review with positive implications following the completion of the acquisition of Aspen Insurance Holdings Limited (Aspen) by Sompo Holdings on 24 February 2026, via SIH, a wholly owned subsidiary of SJ.

The acquisition of Aspen is expected to increase SJ's business scale and specialty line capabilities, materially enhancing its presence in the global property/casualty (re)insurance markets. The positive outlook on the Long-Term ICR reflects AM Best's expectation that SJ's business profile will strengthen over the near to medium term, driven by its continued global expansion and diversification, further accelerated by the addition of Aspen. AM Best views the successful execution of postmerger integration and prudent risk management of the expanding overseas portfolio as key considerations in its ongoing business profile assessment.

AM Best will monitor any potential impact on balance sheet strength fundamentals associated with the acquisition over the coming periods. While the company is exposed to sizeable equity risk from its domestic stock portfolio, AM Best expects this exposure to gradually diminish as the company continues to reduce its strategic equity holdings in the forthcoming years. The company's conservative financial leverage and strong financial flexibility remain supportive of the balance sheet strength assessment.

Positive rating actions could occur if Sompo Japan demonstrates sustainable enhanced business scale through successful post-merger integration of Aspen. Negative rating actions could occur if there is material deterioration in balance sheet strength fundamentals driven by a material increase in risk that outpaces capital growth. Negative rating actions could occur if there is persistent and significant deterioration in operating performance stemming from weak underwriting or investment results.

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:

· Scoring and Assessing Innovation (Version Feb. 20, 2025)

· Best's National Scale Ratings (Version July 31, 2025)

· Evaluating Country Risk (Version June 6, 2024)

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

· Catastrophe Analysis in AM Best Ratings (Version Feb. 27, 2026)

· Available Capital and Insurance Holding Company Analysis (Version Sept. 18, 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 1, 2025

· Initial Rating Date: April 13, 2016

· Date Range of Financial Data Used: Dec. 31, 2018-Feb. 28,2026

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.

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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.