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 General de Seguros, S.A. (Genseg) (Mexico City, Mexico). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Genseg’s balance sheet strength, which AM Best assesses as strongest, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The ratings also recognize Genseg’s affiliation and strategic importance to its ultimate parent, Peña Verde, S.A.B., a leading group in Mexico’s insurance and reinsurance industries, which provides synergies and operating efficiencies, as well as the reinsurance support from an affiliated company, Reaseguradora Patria, S.A.

The stable outlooks reflect AM Best expectations that Genseg will be able to maintain its balance sheet strength stability, through improvement of operating results and the continued support from its group.

Genseg initiated operations in Mexico City in 1972. The company mainly underwrites motor, accident and health, a mix of property/casualty and life insurance lines and historically has participated in the crop insurance market. Genseg operates throughout Mexico with a network of independent agents, brokers and commercial offices.

Genseg’s balance sheet strength is supported by its risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s capitalization and liquidity provide Genseg with flexibility to cover deviations in claims or volatile securities market conditions without having to realize losses in its investment portfolio. The company’s capitalization is supported further by a reinsurance program placed with highly rated entities.

Genseg’s operating performance has been limited by losses in its underwriting results. However, the company did post a positive bottom-line result of MXN 159 million during 2024; this was achieved through investment income, and supported by improvements in technical results. AM Best will continue to monitor the developments in Genseg’s operating performance.

Genseg continues with its comprehensive transformation project, which includes implementing a new core system, pricing and risk-assessment tools, digital platforms and products for agents and policyholders as part of its strategy to achieve premium sufficiency and increase its market scope. The company benefits from being integrated into the Peña Verde, S.A.B. group, gaining operational advantage through common systems, procedures and ERM practices.

Positive rating actions could be driven by a consistent upward trend in underwriting results and overall profitability that compare favorably with the adequate operating performance assessment level. Conversely, negative rating actions could occur if the support provided by Peña Verde, S.A.B., weakens in AM Best’s view.

The methodology used in determining these ratings is Best’s Credit Rating Methodology (Version Aug. 29, 2024), which provides a comprehensive explanation of AM Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Key insurance criteria reports utilized:

• Evaluating Country Risk (Version June 6, 2024)
• Understanding Global BCAR (Version Sept. 18, 2025)
• Catastrophe Analysis in AM Best Ratings (Version Feb. 08, 2024)
• Available Capital and Insurance Holding Company Analysis (Version Sept. 18, 2025)
• Best’s National Scale Ratings (Version July 31, 2025)
• Scoring and Assessing Innovation (Version Feb. 20, 2025)

View a general description of the policies and procedures used to determine credit ratings. For information on the meaning of ratings, structure, voting and the committee process for determining the ratings and monitoring activities, relevant sources of information and the frequency for updating ratings, please refer to Guide to Best’s Credit Ratings.

• Previous Rating Date: Nov. 8, 2024
• Initial Rating Date: Nov. 30, 2016
• Date Range of Financial Data Used: Dec. 31, 2019-June 30, 2025

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

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