AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Aliado Seguros S.A. (Aliado) (Panama).

These Credit Ratings (ratings) reflect Aliado’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The outlook revisions to positive from stable reflect Aliado’s sustained operating performance, underpinned by prudent underwriting practices and sound operational discipline. AM Best’s expectation is that the company will continue its upward trajectory in operating performance, while maintaining its current balance sheet strength assessment level.

Aliado started operations in 2011 and is part of Grupo Aliado, S.A. (Grupo Aliado), a Panamanian financial group founded in 1992. Grupo Aliado is the sole shareholder and controlling entity of Banco Aliado, S.A. (Banco Aliado) and its seven subsidiaries, including Aliado. Banco Aliado provides Aliado with operational efficiencies.

Aliado is a multiline insurance company with a portfolio concentrated in the property/casualty business lines, and it mainly retains motor, group life and surety businesses. At the end of the fiscal year in June 2025, the portfolio showed sound diversification. The motor line represents 35% of Aliado’s net premiums written, followed by group life at 19%, personal accident at 15%, surety at 13%, fire at 5%, casualty at 5% and other business lines accounting for the remaining 8%. Gross written premiums reached USD 36.5 million by the end of the fiscal year, reflecting an 18% increase compared with the previous year. As of December 2025, Aliado ranked as Panama’s 11th largest insurance operation, based on accumulated premiums written. Due to its growing market share and diversified business mix, AM Best assesses Aliado’s business profile as neutral.

Aliado’s balance sheet strength assessment of strongest reflects its strongest risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), its consistently growing capital base driven by reinvestment of earnings with the absence of divided payments, a conservative investment strategy and a reliable reinsurance program that provides additional support.

AM Best considers Aliado’s operating performance to be adequate. Premium growth during the fiscal year was accompanied by positive underwriting results, reflected in a combined ratio (life and non-life) below 100% (74%). This performance was driven by stable claims experience, controlled expenses and a negative acquisition cost ratio supported by low retention levels and reinsurance commissions. The investment operation continues to support net income, although it is not the main driver of profitability.

The company’s ERM is considered appropriate due to the defined risk appetites and tolerances, which are periodically reviewed by its risk committee through monitoring overall risk exposures, and its adherence to Banco Aliado’s ERM framework.

Positive rating actions could occur if the company continues a consistent upward trend in its operating performance metrics, while maintaining its strongest level of risk-adjusted capitalization. Conversely, negative rating actions could take place if the company experiences a deterioration in its risk-adjusted capitalization driven by capital outflows or weaker internal capital generation.

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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