AM Best has affirmed the Financial Strength Rating of B+ (Good), the Long-Term Issuer Credit Rating of “bbb-” (Good) and the Mexico National Scale Rating of “aa-.MX” (Superior) of Quálitas Compañía de Seguros S.A. de C.V. (Quálitas) (Mexico City, Mexico). The outlook of these Credit Ratings (ratings) is negative. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in the rating process.
The ratings reflect Quálitas’ balance sheet strength, which AM Best assesses as adequate, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
The negative outlooks reflect pressure on Quálitas’ balance sheet strength assessment, driven by considerable dividend payments that limit organic capital growth, and a rising trend in underwriting leverage.
Quálitas’ risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), improved to adequate from weak in 2025 despite the dividend payments, although there is still sensitivity to any capital outflows.
Quálitas has established a strong distribution capability across Mexico through its network of local agents, financial institutions and service offices. This has enabled the company to maintain its leading market position in Mexico’s auto insurance segment and achieve a market share of 34.2% as of March 2026 in a highly competitive market. Quálitas differentiates from its competitors in the auto insurance sector through strong name-brand recognition and its ability to adjust pricing and fees successfully.
While Quálitas’ policyholder surplus has increased over time due to its sound net results, the company’s risk-adjusted capitalization is susceptible to variations driven by significant dividend payments. At the same time, the company’s risk profile, in addition to the short tenor of its investments and a proper matching in currencies, affords Quálitas financial flexibility to react in the best interest of its capital position.
The strong assessment of Quálitas’ operating performance is supported by its capacity to maintain premium sufficiency levels over the past six years. Quálitas’ claim management and market presence, in addition with controlled administrative expenses and underwriting, provide the company with the necessary tools to maintain a profitable profile.
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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