AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Aseguradora Ancón, S.A. (Ancón) (Panama). The outlooks of these Credit Ratings (ratings) is stable.

The ratings reflect Ancón’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.

The stable outlooks reflect Ancón's ability to maintain profitable metrics, through effective strategic changes and ongoing support from its group and shareholders.

Ancón, founded in Panama in 1990, is the eighth-largest insurer in Panama, with a market share of 3% as of November 2025. Property/casualty insurance products comprise 65% of its business portfolio, with the remaining 35% made up of life products, including accident and health. The company’s main segments are auto and health, representing 37% and 24%, respectively, of its gross premiums written.

Ancón’s balance sheet strength is underpinned by risk-adjusted capitalization at an assessed level of strongest, as measured by Best’s Capital Adequacy Ratio (BCAR), and supported by a well-structured reinsurance program, which covers the company’s different business lines. Ancón’s risk-adjusted capitalization has shown stability, reflecting its shareholders commitment to protect the company’s capital base when required. Additionally, Ancón maintains its prudent business strategy in terms of retention and growth, as well as a reinsurance program with highly rated reinsurers. In AM Best’s view, this parental support has provided Ancón with an optimized capital structure through a reduced level of financial leverage. AM Best expects Ancón to maintain its balance sheet strength assessment of strongest.

Ancón’s underwriting performance has been affected by deviations in claims in the health and auto lines of business, its most important segments. The company made pricing adjustments, as well as removed unprofitable business, to revert a potential negative trend in its bottom-line results, which translated into profitable results during 2024 and 2025, and AM Best expects this to continue in the coming years.

Negative rating actions could be taken if Ancón experiences again an unfavorable trend in underwriting performance driven by extensive losses and rising expenses. Negative rating actions could also take place if the company’s balance sheet strength metrics deteriorate, no longer supporting the strongest assessment. Positive rating actions on Ancón, while not likely, could take place in the medium term driven by a consistent upward trend in operating results that compare favorable to the strong assessment.

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.

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