AM Best withdraws credit ratings from MAPFRE Insurance Company of Florida – InsuranceNewsNet

OLDWICK, NJ–(BUSINESS WIRE)–
AM Best removed the financial strength rating of A (Excellent) and the long-term credit rating of “a” (Excellent) from MAPFRE Insurance Company of Florida (MAPFRE Florida) (Miami, Florida).

AM Best has withdrawn these credit ratings (ratings) as the company has requested to no longer participate in AM Best’s interactive rating process. MAPFRE Florida no longer participates in its group reinsurance pooling agreement which formed the basis of the rating. MAPFRE Florida is a wholly owned subsidiary of MAPFRE USA Corp.whose ultimate parent is Spainbased at Fundación MAPFRE (MAPFRE).

It is AM Best’s policy that a final grade be completed with a grade withdrawal. However, a final rating could not be made due to the lack of forward-looking financial information necessary to support the formation of a current rating opinion.

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 relevant disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Assessment Activity Web page. For more information on the use and limitations of credit rating opinions, please see Best’s Guide to Credit Ratings. For more information on the proper use of Best’s Credit Scores, Best’s Preliminary Credit Scores, and AM Best’s press releases, please see Guide to the Proper Use of Best Scores and Ratings.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Based at United Statesthe company does business in more than 100 countries with regional offices in London, amsterdam, dubai, hong kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2022 by AM Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Source: AM Best