A.M. Best affirms Internacional de Seguros at B++

International insurance rater A.M. Best has affirmed its financial strength rating on Panama-based insurer Compania Internacional de Seguros (IS) at B++ (very good) with a stable outlook, the rating agency said in a statement. The rating reflects IS' sound profitability, good capitalization and large market presence in Panama. The rating also acknowledges the company's underwriting discipline and dedicated management team with ample experience in the insurance industry, the agency said, adding that as the first insurance writer in Panama, IS has a very good insurance business franchise there with an added presence in some other countries in Central America. IS has a very good and balanced product mix between life and property & casualty and the outlook is stable because it has performed "up to expectations" and is not faced with any major risks, A.M. Best analyst Nelson Rivera told BNamericas. Negative factors considered in the rating include the small size and the competitiveness of the Panamanian insurance market, both of which impose limits to the growth prospects of IS, the agency said, adding that IS is challenged to maintain its business position by enhancing marketing strategies, including new and attractive product offerings and improving operating efficiencies.