{"id":387174,"date":"2020-11-23T16:19:05","date_gmt":"2020-11-23T21:19:05","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=387174"},"modified":"2020-11-23T16:19:05","modified_gmt":"2020-11-23T21:19:05","slug":"am-best-assigns-credit-ratings-to-seguros-gt-s-a-and-afianzadora-gt-s-a","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-assigns-credit-ratings-to-seguros-gt-s-a-and-afianzadora-gt-s-a\/","title":{"rendered":"AM Best Assigns Credit Ratings to Seguros G&amp;T, S.A. and Afianzadora G&amp;T, S.A."},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>AM Best Assigns Credit Ratings to Seguros G&amp;T, S.A. and Afianzadora G&amp;T, S.A.<\/b><\/p>\n<p>MEXICO CITY&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<b>AM Best <\/b>has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of \u201ca-\u201d to Seguros G&amp;T, S.A. (SG&amp;T) (Guatemala). AM Best<b \/>also has assigned an FSR of A- (Excellent) and a Long-Term ICR of \u201ca-\u201d to Afianzadora G&amp;T, S.A. (AG&amp;T) (Guatemala). The outlook assigned to these Credit Ratings (ratings) is stable.\n<\/p>\n<p>\nThe ratings reflect SG&amp;T\u2019s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).\n<\/p>\n<p>\nThe ratings of AG&amp;T reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. The ratings of AG&amp;T also recognize its affiliation and importance to SG&amp;T and Grupo G&amp;T.\n<\/p>\n<p>\nSG&amp;T, which was established in 1947, is the second-largest insurer in Guatemala, with a market share of 16%. Its product portfolio is composed mainly of property\/casualty (61%), accident &amp; health (30%) and life (9%), as of December 2019. The company holds very competitive positions across most lines within Guatemala\u2019s insurance industry due to its permanence and brand recognition. AG&amp;T, established in 1977, is the sister company that SG&amp;T created to underwrite surety business separately from other insurance operations.\n<\/p>\n<p>\nSG&amp;T and AG&amp;T are privately owned by GTC Investments, Ltd (GTC) (Cayman Islands, 2013), the non-operating holding company of the Grupo Financiero G&amp;T Continental financial conglomerate. As of year-end 2019, GTC had operations in Guatemala, Salvador, Panama and Costa Rica.\n<\/p>\n<p>\nAM Best views SG&amp;T and AG&amp;T\u2019s business profiles as neutral, based on the companies\u2019 top market position, their brand recognition and experienced management. AM Best\u2019s stable market segment outlook on Guatemala\u2019s insurance industry recognizes that growth prospects have become limited due to the effects of the COVID-19 pandemic, but that macroeconomic fundamentals provide stability to the system to mitigate the pandemic\u2019s potential impact on claims and investments. The companies\u2019 customer profiles have helped in collecting and managing business effectively amid the changed operating environment brought on by the COVID-19 pandemic crisis.\n<\/p>\n<p>\nAM Best assesses SG&amp;T\u2019s balance sheet strength as strongest, due to its capacity to protect its balance sheet as reflected in AM Best\u2019s risk-adjusted capitalization assessment; these factors are driven by a comprehensive reinsurance program, conservative investment portfolio and appropriate asset liability management practices. AG&amp;T derives its very strong assessment on capitalization the same way as its sister company, but is limited by the size of its capital. Both companies report consistently profitable results, which are reflected in a growing capital base. Despite being subject to dividend payments, the company\u2019s asset base has a conservative risk profile.\n<\/p>\n<p>\nAM Best considers SG&amp;T and AG&amp;T\u2019s operating performance as adequate. In the insurance company adjustments in underwriting and a shift towards profitability instead of business, volume has resulted in better technical results, enhanced in 2020 by lower claims frequency due to pandemic-related restrictions on social mobility.\n<\/p>\n<p>\nThe surety company\u2019s business profile benefits from the ceded premium commissions derived from its reinsurance agreement with SG&amp;T, which has benefited both companies since being implemented. AM Best acknowledges that 2020 will be a difficult year for business, albeit muted in terms of expected claims, and will continue to monitor events that could harm claim costs given the company\u2019s exposure to catastrophe events.\n<\/p>\n<p>\nThe stable outlook on SG&amp;T\u2019s ratings is driven by the company\u2019s technology-driven strategy that is backed by well-protected balance sheet amid a challenging 2021, due to the expectation of more normalized claims frequency with limited business prospects.\n<\/p>\n<p>\nThe stable outlook on AG&amp;T is derived from the company&#8217;s very strong level of balance sheet strength and cautious underwriting. The importance of the reinsurance program limits income volatility and facilitates a more balanced operating performance during times of economic recession.\n<\/p>\n<p>\nPositive rating actions could take place for SG&amp;T if the company&#8217;s favorable trend in operating performance continues improving amid the evolving business cycle while maintaining its strongest level of risk-adjusted capitalization. Negative rating actions could occur if SG&amp;T\u2019s operating performance deteriorates as a result of pressures in the quality of underwriting or by insufficient business generation.\n<\/p>\n<p>\nAM Best does not foresee positive rating actions for AG&amp;T in the short term. However, an improved and sustained operating performance that results in a larger capital base in the intermediate term could improve AM Best&#8217;s view with regard to AG&amp;T\u2019s capitalization. Negative rating actions could result from a substantial change in the reinsurance program that increases risk taking to levels not matching AM Best&#8217;s assessment for the company\u2019s risk-adjusted capitalization. The ratings also could be affected negatively if AM Best\u2019s view regarding support from SG&amp;T or the group diminishes.\n<\/p>\n<p><b>This press release relates to Credit Ratings that have been published on AM Best\u2019s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best\u2019s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best\u2019s Credit Ratings. For information on the proper media use of Best\u2019s Credit Ratings and AM Best press releases, please view Guide for Media &#8211; Proper Use of Best\u2019s Credit Ratings and AM Best Rating Action Press Releases.<\/b><\/p>\n<p><b>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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ambest.com&amp;esheet=52335494&amp;newsitemid=20201123006257&amp;lan=en-US&amp;anchor=www.ambest.com&amp;index=1&amp;md5=aabbe0eab4d4236af4e29545ee0926fc\">www.ambest.com<\/a>.<\/b><\/p>\n<p class=\"bwalignc\"><b>Copyright \u00a9 2020 by A.M. Best Rating Services, Inc. and\/or its affiliates. ALL RIGHTS RESERVED.<\/b><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20201123006257r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20201123006257\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20201123006257\/en\/<\/a><\/span><\/p>\n<p><b>El\u00ed S\u00e1nchez<br \/>\n<\/b><br \/><b>Associate Director<br \/>\n<\/b><br \/><b>+52 55 1102 2720, ext. 122<br \/>\n<\/b><br \/><a rel=\"nofollow\" href=\"mailto:eli.sanchez@ambest.com\">eli.sanchez@ambest.com<\/a><\/p>\n<p><b>Christopher Sharkey<br \/>\n<\/b><br \/><b>Manager, Public Relations<br \/>\n<\/b><br \/><b>+1 908 439 2200, ext. 5159<br \/>\n<\/b><br \/><a rel=\"nofollow\" href=\"mailto:christopher.sharkey@ambest.com\">christopher.sharkey@ambest.com<\/a><\/p>\n<p><b>Alfonso Novelo<br \/>\n<\/b><br \/><b>Senior Director, Analytics<br \/>\n<\/b><br \/><b>+52 55 1102 2720, ext. 107<br \/>\n<\/b><br \/><a rel=\"nofollow\" href=\"mailto:alfonso.novelo@ambest.com\">alfonso.novelo@ambest.com<\/a><\/p>\n<p><b>Jim Peavy<br \/>\n<\/b><br \/><b>Director, Communications<br \/>\n<\/b><br \/><b>+1 908 439 2200, ext. 5644<br \/>\n<\/b><br \/><a rel=\"nofollow\" href=\"mailto:james.peavy@ambest.com\">james.peavy@ambest.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Europe Mexico Central America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Insurance Professional Services<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20201123006257\/en\/828829\/3\/AM_Best_Logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>AM Best Assigns Credit Ratings to Seguros G&amp;T, S.A. and Afianzadora G&amp;T, S.A. MEXICO CITY&#8211;(BUSINESS WIRE)&#8211;AM Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of \u201ca-\u201d to Seguros G&amp;T, S.A. (SG&amp;T) (Guatemala). AM Bestalso has assigned an FSR of A- (Excellent) and a Long-Term ICR of \u201ca-\u201d to Afianzadora G&amp;T, S.A. (AG&amp;T) (Guatemala). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect SG&amp;T\u2019s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings of AG&amp;T reflect its balance sheet strength, which AM Best categorizes as very strong, as &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-assigns-credit-ratings-to-seguros-gt-s-a-and-afianzadora-gt-s-a\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;AM Best Assigns Credit Ratings to Seguros G&amp;T, S.A. and Afianzadora G&amp;T, S.A.&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-387174","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AM Best Assigns Credit Ratings to Seguros G&amp;T, S.A. and Afianzadora G&amp;T, S.A. - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-assigns-credit-ratings-to-seguros-gt-s-a-and-afianzadora-gt-s-a\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AM Best Assigns Credit Ratings to Seguros G&amp;T, S.A. and Afianzadora G&amp;T, S.A. - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"AM Best Assigns Credit Ratings to Seguros G&amp;T, S.A. and Afianzadora G&amp;T, S.A. MEXICO CITY&#8211;(BUSINESS WIRE)&#8211;AM Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of \u201ca-\u201d to Seguros G&amp;T, S.A. (SG&amp;T) (Guatemala). AM Bestalso has assigned an FSR of A- (Excellent) and a Long-Term ICR of \u201ca-\u201d to Afianzadora G&amp;T, S.A. (AG&amp;T) (Guatemala). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect SG&amp;T\u2019s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings of AG&amp;T reflect its balance sheet strength, which AM Best categorizes as very strong, as &hellip; Continue reading &quot;AM Best Assigns Credit Ratings to Seguros G&amp;T, S.A. and Afianzadora G&amp;T, S.A.&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-assigns-credit-ratings-to-seguros-gt-s-a-and-afianzadora-gt-s-a\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-23T21:19:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20201123006257r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/am-best-assigns-credit-ratings-to-seguros-gt-s-a-and-afianzadora-gt-s-a\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/am-best-assigns-credit-ratings-to-seguros-gt-s-a-and-afianzadora-gt-s-a\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"AM Best Assigns Credit Ratings to Seguros G&amp;T, S.A. and Afianzadora G&amp;T, S.A.\",\"datePublished\":\"2020-11-23T21:19:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/am-best-assigns-credit-ratings-to-seguros-gt-s-a-and-afianzadora-gt-s-a\\\/\"},\"wordCount\":1123,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/am-best-assigns-credit-ratings-to-seguros-gt-s-a-and-afianzadora-gt-s-a\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20201123006257r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/am-best-assigns-credit-ratings-to-seguros-gt-s-a-and-afianzadora-gt-s-a\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/am-best-assigns-credit-ratings-to-seguros-gt-s-a-and-afianzadora-gt-s-a\\\/\",\"name\":\"AM Best Assigns Credit Ratings to Seguros G&amp;T, S.A. and Afianzadora G&amp;T, S.A. - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-assigns-credit-ratings-to-seguros-gt-s-a-and-afianzadora-gt-s-a\/","og_locale":"en_US","og_type":"article","og_title":"AM Best Assigns Credit Ratings to Seguros G&amp;T, S.A. and Afianzadora G&amp;T, S.A. - Market Newsdesk","og_description":"AM Best Assigns Credit Ratings to Seguros G&amp;T, S.A. and Afianzadora G&amp;T, S.A. MEXICO CITY&#8211;(BUSINESS WIRE)&#8211;AM Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of \u201ca-\u201d to Seguros G&amp;T, S.A. (SG&amp;T) (Guatemala). AM Bestalso has assigned an FSR of A- (Excellent) and a Long-Term ICR of \u201ca-\u201d to Afianzadora G&amp;T, S.A. (AG&amp;T) (Guatemala). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect SG&amp;T\u2019s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings of AG&amp;T reflect its balance sheet strength, which AM Best categorizes as very strong, as &hellip; Continue reading \"AM Best Assigns Credit Ratings to Seguros G&amp;T, S.A. and Afianzadora G&amp;T, S.A.\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-assigns-credit-ratings-to-seguros-gt-s-a-and-afianzadora-gt-s-a\/","og_site_name":"Market Newsdesk","article_published_time":"2020-11-23T21:19:05+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20201123006257r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-assigns-credit-ratings-to-seguros-gt-s-a-and-afianzadora-gt-s-a\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-assigns-credit-ratings-to-seguros-gt-s-a-and-afianzadora-gt-s-a\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"AM Best Assigns Credit Ratings to Seguros G&amp;T, S.A. and Afianzadora G&amp;T, S.A.","datePublished":"2020-11-23T21:19:05+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-assigns-credit-ratings-to-seguros-gt-s-a-and-afianzadora-gt-s-a\/"},"wordCount":1123,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-assigns-credit-ratings-to-seguros-gt-s-a-and-afianzadora-gt-s-a\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20201123006257r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-assigns-credit-ratings-to-seguros-gt-s-a-and-afianzadora-gt-s-a\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-assigns-credit-ratings-to-seguros-gt-s-a-and-afianzadora-gt-s-a\/","name":"AM Best Assigns Credit Ratings to Seguros G&amp;T, S.A. and Afianzadora G&amp;T, S.A. - 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