AM Best Comments on Credit Ratings of Grupo Mexicano de Seguros, S.A. de C.V. Following Mexico City Subway Collapse

AM Best has commented that the Financial Strength Rating (FSR) of B++ (Good), the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” and the Mexico National Scale Rating of “aa+.MX” of Grupo Mexicano de Seguros, S.A. de C.V. (GMX) (Mexico City, Mexico) remain unchanged following the collapse of an elevated subway line in Mexico City on May 3, 2021. The outlook of these Credit Ratings (ratings) is positive.

While the cause of the collapse remains under investigation, AM Best has been in communication with GMX, the lead insurer of Mexico City’s subway system, in order to assess the financial impact of the incident on the company. However, based on preliminary assessments, as well as its comprehensive reinsurance protection, AM Best does not expect this event to have material impact on the company’s ratings. The collapse took place between the Olivos and Tezonco subway stations and resulted in more than two dozen casualties with approximately 80 others injured.

AM Best will maintain close contact with GMX to continue assessing the impact of this situation as more information regarding the cause and extent of the damage becomes available, as well as the official results of the investigation.

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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

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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