AM Best confirms the credit ratings of the main traditional insurance subsidiaries of Grupo Catalana Occidente SA

AMSTERDAM, 28 July 2022—(BUSINESS WIRE)–AM Best affirmed the financial strength rating of A (excellent) and the long-term issuer credit rating of ‘a+’ (excellent) of Seguros Catalana Occidente, SA de Seguros y Reaseguros (SCO), Bilbao, Compañía Anónima de Seguros y Reaseguros, SA (SB) and Plus Ultra Seguros Generales y Vida, SA de Seguros y Reaseguros (PU). All three companies are wholly owned subsidiaries of Grupo Catalana Occidente SA (GCO), the non-operating holding company of the GCO group, and are the traditional insurance business units of the group. These companies are established in Spain. The outlook for these credit ratings (ratings) is stable.

SCO’s ratings reflect its strong balance sheet, which AM Best rates as very strong, as well as its strong operating performance, neutral business profile and appropriate corporate risk management. The valuations also reflect the rise of GCO, which takes into account the strategic importance of the traditional insurance business to the GCO group, as well as the results of financial and operational support from GCO. The PU and SB ratings take into account their strategic importance to the SCO and GCO.

SCO’s balance sheet strength is supported by its risk-adjusted capitalization, which is rated as the strongest as measured by Best’s Capital Adequacy Ratio (BCAR). AM Best expects future risk-adjusted capitalization to remain at its strongest level, supported by continued strong internal earnings generation. The company’s balance sheet strength rating also benefits from low reinsurance dependency, good liquidity and lack of external borrowings. A partially offsetting factor is the lack of financial flexibility on a stand-alone basis, as capital is managed at group level.

SCO has a track record of strong operating results evidenced by a five-year weighted average return on equity of 25% (2017-2021) calculated by AM Best, with balanced contributions from technical and investment income. In 2021, the company reported a stable and strong combined ratio of 84% (2020: 82%). Technical gains are supported by the company’s extensive agent network, which has been in place for several years and allows SCO to tightly manage the underwriting process.

GCO’s traditional insurance business units operate exclusively in Spain and collectively maintain a top 10 position in several retail business lines in the domestic market. SCO is the lead entity within GCO’s traditional insurance business unit, recording approximately 26% of its consolidated gross written premium in 2021. SCO, SB and PU together form a solid and diversified franchise with an established presence in all regions of Spain and the distribution of market channels.

This press release refers to the credit ratings that are published on the AM Best website. For all rating information relating to the release and relevant disclosures, including details of the agency responsible for issuing each of the individual ratings set out in this release, please see AM Best’s Recent assessment activity Web page. For additional information on the use and limitations of credit score opinions, please see Guide to Best Credit Ratings. For information on the proper use of Best’s credit ratings, Best’s performance ratings, Best’s advance credit ratings, and AM Best’s press releases, see A guide to the proper use of Best’s ratings and reviews.

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 operates in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information visit

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Konstantin Langovski
Senior Financial Analyst
+31 20 308 5431
[email protected]

Mathilde Jacobsen
Director, Analytics
+31 20 308 5427
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Christopher Sharkey
Manager, Public Relations
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Jeff Mango
Managing Director,
Strategy and Communications
+1 908 439 2200, ext. 5204
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