AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A+ (Superior), the Long-Term ICR of 'aa-' (Superior) and the Mexico National Scale Rating (NSR) of 'aaa.MX' (Exceptional) of
The outlook of the FSR and NSR is stable.
BFM is a member of
The Credit Ratings (ratings) reflect BFM's integration with its parent company,
BFM was formed in
BFM's strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), is derived from its strong capital position, strengthened further by the comprehensive reinsurance contract with its parent company and a growing capital base due to reinvestment of earnings. Furthermore, AM Best recognizes
BFM has been able to grow it business volume during the past seven years; during 2023, BFM presented significant premium growth, taking advantage of the increased construction activity from government projects like the Tren Maya and
If positive rating actions are taken due to the
Negative rating actions could occur to the insurance operations of the
The methodology used in determining these ratings is Best's Credit Rating Methodology (Version
Key insurance criteria reports utilized:
The Treatment of Terrorism Risk in the Rating Evaluation (Version
Evaluating Country Risk (Version
Understanding Global BCAR (Version
Catastrophe Analysis in AM Best Ratings (Version
Best's National Scale Ratings (Version
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:
Initial Rating Date:
Date Range of Financial Data Used:
This latest rating action is the result of an accepted appeal from
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