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Tegucigalpa – The manager of the insurance company Tethey Martínez reports that the rating agency Fitch Ratings raised the country financial strength rating of Ficohsa Seguros to AA with a stable outlook.
A senior executive at a Honduran insurance company told Digital processes Ficohsa Seguros said it was “very pleased” that the credit risk rating agency had upgraded it to AA from AA-.
Martinez said Ficohsa Seguros has maintained a leading position in the insurance market for many years, with a share of about 23-25%, noting that this achievement was not easy.
He said the challenge is to maintain the market share and leadership that has been achieved.
The executive noted that Fitch’s decision to upgrade the credit rating was based on the continued improvement in key performance indicators such as profitability, solvency key and risk reduction.
Martinez said the company maintains relationships with the major and most recognized reinsurers in the world, which gives clients confidence and security that they are more protected because the risk is lower.
He also stressed that portfolio diversification is another important foundation, which also sends a message of reducing risk.
The Ficohsa Seguros manager noted that the company has used digital tools in its development process, which has allowed customers to complete their formalities in a simpler and more user-friendly way.
He said regulators welcomed the improvement but noted that the country should be happy that it had a robust insurance market and that major companies were stable.
Fitch Ratings also highlighted that Ficohsa Seguros maintains solid investments and good returns, as profitability is key to strengthening reserves.
Ficohsa Seguros, the fifth largest in California
He pointed out that Ficohsa Seguros is the fifth largest company in Central America and fourth among private equity companies, with very important growth in the insurance market.
He expects Ficohsa Seguros to achieve about $400 million in premiums in Central America.
Fitch Ratings is one of the world’s three largest risk rating agencies, with operations in major markets around the world. (PD).
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