AM Best Affirms Credit Ratings of CESCE México, S.A. de C.V. and CESCE Fianzas México, S.A. de C.V.

MAY 20, 2026 02:46 PM (EDT)

AM Best Affirms Credit Ratings of CESCE México, S.A. de C.V. and CESCE Fianzas México, S.A. de C.V.

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FOR IMMEDIATE RELEASE

OLDWICK - MAY 20, 2026 02:46 PM (EDT)
AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Ratings of "bbb" (Good) and the Mexico National Scale Ratings of "aa.MX" (Superior) of CESCE México, S.A. de C.V. (CESCEM) and its affiliate, CESCE Fianzas México, S.A. de C.V. (CESCEF). The outlook of these Credit Ratings (ratings) is stable. Both companies are domiciled in Mexico City, Mexico.

The ratings of CESCEM and CESCEF reflect the companies' balance sheet strength, which AM Best assesses as very strong, as well as their marginal operating performance, limited business profile and appropriate enterprise risk management (ERM).

The ratings of CESCEM and CESCEF also reflect their affiliation with Compañía Española de Seguros de Crédito a la Exportación, S.A. Compañía de Seguros y Reaseguros (CESCE), which provides underwriting and business expertise, policies and procedures and reinsurance support. Partially offsetting these positive rating factors for CESCEM and CESCEF are the competitive market dynamics in Mexico's credit insurance and surety segments.

CESCEM is 51% owned by CESCE's subsidiary, Consorcio Internacional de Aseguradores de Credito, S.A. (CIAC), and 49% owned by Banco Nacional de Comercio Exterior, a Mexico-based development bank.

CESCEM specializes exclusively in credit insurance and ranks in the top five of Mexico's credit insurance

segment.

CESCEF began operations in 2011 and is wholly owned by CIAC. CESCEF currently has a small share of Mexico's surety market. The company's business portfolio is concentrated almost completely in administrative surety, which is consistent with the portfolios of other market participants, although exposures remain diversified across industries.

AM Best assesses the companies' business profile as limited given their concentration on one business line, with relatively small participation, in very competitive markets.

AM Best assesses the companies' balance sheet strength as very strong, given their historical strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), denoting sound capitalization levels that effectively cover risk exposures, as well as disciplined capital management, reflected in strong liquidity and conservative underwriting leverage.

The companies' ERM is assessed as appropriate given their well-established practices and defined risk appetites, primarily through conservative underwriting guidelines and investment policies, as well as a comprehensive reinsurance program mainly placed with its parent and affiliates, with the remainder placed with high-quality counterparties.

CESCEM's operating performance remains assessed at marginal. In 2025, the company's premium portfolio began to show signs of recovery following the contraction observed in 2023-2024, supported by higher new business generation and lower levels of policy cancelations. However, loss experience deteriorated compared with the previous year, mainly driven by higher claims severity, while frequency remained contained. This impact was partially offset by improved administrative expense control and the inflow from reinsurance commissions, although the combined ratio remained above 100%. Nonetheless, profitability was supported by investment income, albeit affected by lower interest rates.

CESCEF's operating performance assessment remains marginal due to sustained combined ratios above premium sufficiency levels. During 2025, operating performance was pressured by a deterioration in the loss ratio, mainly driven by the resolution of two legal claims. As a result, the company reported negative bottom-line results for the period. The challenging growth environment faced in the surety sector, together with CESCEF's limited market position, constrains the company's business profile. AM Best will continue to monitor management's execution of its strategy to strengthen operating performance and achieve consistent profitability.

CESCEM's stable outlooks reflect AM Best's expectation that the company will continue to develop its strategy in a profitable way, while maintaining a very strong balance sheet strength, underpinned by the strongest level of risk-adjusted capitalization.

Negative rating actions could arise from sustained deterioration in operating performance, particularly if weaker underwriting results place pressure on technical margins and capital adequacy. Conversely, albeit unlikely, positive rating actions could occur if the company continues achieving sustained improvements in operating performance, driven by enhanced underwriting discipline and improving technical margins, while maintaining overall profitability.

CESCEF's stable outlooks reflect AM Best's expectation that the company will maintain its overall balance sheet assessment, supported by risk-adjusted capitalization at the strongest level, alongside continued underwriting discipline and cost control.

Negative rating actions could occur if CESCEF's capital position and balance sheet fundamentals weaken, driven by continued underwriting losses or sustained weak operating performance. Although unlikely in the near term, positive rating actions could occur if the company demonstrated sustained improvement in operating performance and returns to consistent profitability.

The methodology used in determining these ratings is Best's Credit Rating Methodology (Version Aug. 29, 2024), which provides a comprehensive explanation of AM Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Key insurance criteria reports utilized:

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• Best's National Scale Ratings (Version July 31, 2025)
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• Available Capital and Insurance Holding Company Analysis (Version Sept. 18,2025)
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• Evaluating Country Risk (Version June 6, 2024)
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• Rating Surety Companies (Version April 25, 2024) (CESCEF only)
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• Scoring and Assessing Innovation (Version Feb. 20, 2025)
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• Understanding Global BCAR (Version Sept. 18, 2025)
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View a general description of the policies and procedures used to determine credit ratings. For information on the meaning of ratings, structure, voting and the committee process for determining the ratings and monitoring activities, relevant sources of information and the frequency for updating ratings, please refer to Guide to Best's Credit Ratings.

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• Previous Rating Date: May 30, 2025
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• Initial Rating Date: Feb. 17, 2016
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• Date Range of Financial Data Used: Dec. 31, 2021-March 31, 2026
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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 (BCR), Best's Performance Assessments (PA), Best's Preliminary Credit Assessments (PCA) 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.