AM Best Affirms Credit Ratings of Atradius Seguros de Crédito, S.A.

AM Best has affirmed the Financial Strength Rating of A (Excellent), the Long-Term Issuer Credit Rating of "a+" (Excellent) and the Mexico National Scale Rating of "aaa.MX" (Exceptional) of Atradius Seguros de Crédito, S.A. (Atradius México) (Mexico City, Mexico). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Atradius México's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).

The ratings also reflect Atradius México's strategic importance to the overall Atradius group, given its leading position within Mexico's credit insurance segment, its importance as a gateway to Latin America's insurance markets, good financial flexibility derived from its strong capitalization, supportive reinsurance provided by the group and its seasoned management team. These positive rating factors are offset partially by the intrinsic volatility in the credit insurance market.

Atradius México benefits from its integration within the Atradius group, which allows it to leverage operations on the same practices and procedures, reinsurance, draft facilities and underwriting selection. In addition, its ERM practices show a high level of integration to its immediate parent, Atradius N.V.

Atradius México offers credit insurance in its domestic market and was ranked as Mexico's largest credit insurer in 2025, holding 30% of the market share.

Atradius México's operating performance was strong in 2025 due to the company's sound underwriting and expense control practices that enabled it to face challenging market conditions. These factors are reflected in the company's combined ratio of 89% and a return on equity of 7% for 2025. AM Best expects Atradius México to sustain its profitability going forward as it relies on its solid operating practices and consistent financial product.

AM Best considers Atradius México's risk-adjusted capitalization to be at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). The company maintains significant financial flexibility as its investment portfolio is concentrated in short-term fixed-income instruments, with a portion designed to match currencies in U.S. dollars. The Atradius group further demonstrates its support to Atradius México through a reinsurance program placed with Atradius Crédito y Caución, S.A. de Seguros y Reaseguros, a group entity merged with Atradius Reinsurance Designated Activity Company, Atradius México's previous reinsurer.

If there are negative rating actions on the Atradius group due to a sustained decline in operating performance or material deterioration in Atradius N.V.'s consolidated risk-adjusted capitalization, rating actions on Atradius México's ratings would mirror those of the group. Additionally, negative rating actions may rise as a result from a decline in the key rating fundamentals of Atradius N.V.'s parent company, Grupo Catalana Occidente S.A. Likewise, if there are positive rating actions taken on the main operating subsidiaries of Atradius N.V., as a result of an improvement in the key rating fundamentals of Atradius N.V.'s parent company, Grupo Catalana Occidente S.A., Atradius México's ratings likely would move in tandem.

A change in AM Best's perception regarding the actual or perceived level of strategic importance of Atradius México to the Atradius group of companies also could impact the company's ratings.

This press release relates to Credit Ratings that have been published on AM Best's 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's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings Assessments

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. For more information, visit www.ambest.com

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