Aseguradora Mundial Guatemala's rating upgraded to AA-(gtm)

Fitch based the rating on the solid operating performance, wide reinsurance coverage, and on the strength and experience of Grupo Mundial, amongst other factors

Tuesday, July 29, 2008


The rating outlook is Stable. The main aspect that limits the rating is the relatively high portfolio of outstanding premiums, which can create an element of risk with regards to liquidity.

It should be pointed out that Grupo Mundial has undergone a great transformation during this fiscal year as a result of it absorbing Seguros Alianza. The official Merger of the two companies is still in process, nonetheless, they are already operating under the newly integrated "Aseguradora Mundial de Guatemala." As a result of this consolidation, the main accounts of the Financial Statements have been affected; hence the variations from March of last year are significant.

The evolution of the rating will depend mainly on the strength of Mundial's operations in Guatemala, once the merger of Seguros Alianza, subject to the granting of all pertinent authorizations, is is completed.

Note: Fitch's ratings are based on a national scale and are not comparable internationally.

More on this topic

Guatemala: Insurance Industry Keeps Deteriorating

September 2009

"For the sector's improvement, it will be key to adjust fees for products with high accident rates, as well as more careful subscription"

By the end of June 2009, net premiums had grown at an inflation adjusted rate of 9.8%, although lower growth should be expected for the end of the year, due to worse economic performance.

Mundial joins Swiss Life to provide insurance throughout Central America

July 2008

Central America's leading insurer, Aseguradora Mundial signed an agreement with Swiss Life Network to broaden their cooperation in the region.

Aseguradora Mundial is the main specialized insurance unit of Panama-based Grupo Mundial. Swiss Life Network is a leader in the provision of insurance for employees.

Mapfre Sells Aseguradora Mundial in El Salvador

October 2010

The company was no longer offering their policies since April, 2010, and their main asset was a license to operate in the Salvadoran insurance market.

The establishment in 2009 of holding company Mapfre La Centroamericana, whose stock is owned 65% by Mapfre Mundial Holding, joined regional operations with Panamanian Aseguradora Mundial.

Mapfre Confirms Association with Aseguradora Mundial

December 2009

The resulting society will merge Mapfre's operations in El Salvador and Mundial's branches in Costa Rica, Nicaragua, Honduras and Guatemala.

This transaction is estimated in $210 million for 65% of the resulting society's equity. Mapfre has the option to buy the remaining 35% in 2011.

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