AM Best Affirms Credit Ratings of Maxseguros EPM Ltd.

OCTOBER 22, 2026 02:13 PM (EDT)

AM Best Affirms Credit Ratings of Maxseguros EPM Ltd.

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FOR IMMEDIATE RELEASE

MEXICO CITY - OCTOBER 22, 2026 02:13 PM (EDT)
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Maxseguros EPM Ltd. (Maxseguros) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Maxseguros' balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

The stable outlooks reflect Maxseguros' role within Empresas Públicas de Medellín E.S.P.'s (EPM) strategy, which results in financial flexibility for its balance sheet strength, as well as operating synergies that support profitable growth.

Maxseguros, established in Bermuda in 2008, is a single-parent captive insurer wholly owned by EPM, which is owned by the Colombia municipality of Medellín. EPM is the largest power generation and multi-utility company in Colombia. Maxseguros provides reinsurance to the EPM group, covering property damage and business interruption, commercial crime, cyber risk, directors and officers, errors and omissions and general liability exposures.

Maxseguros' risk-adjusted capitalization stands at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), and supported by a comprehensive and adequate reinsurance program, coupled with a conservative investment policy and limited premium risk exposure. While Maxseguros has some reinsurance dependency, the company's well-set underwriting and technical capabilities have allowed it to position itself as a key participant within EPM's reinsurance panel, and the high level of security of the panel helps mitigate credit risk.

Maxseguros' capacity to adjust its retentions and successful commission structure have allowed the company to maintain combined ratios well within premium sufficiency levels, and profitability has been further strengthened by investment income.

Positive rating actions could take place if Maxseguros' operating performance reflects a consistent, upward trend of profitable underwriting and investment results that reflect a sustainable business model, improving its metrics to compare favorably with a strong assessment level. Negative rating actions could occur if there is a material shift in the risk profile or role within EPM, which undermines the stability and profitability of Maxseguros, including increased activity in cash outflows to the parent. Negative rating actions also could arise if Maxseguros' operating performance deteriorates due to increased retentions, to a point that it is no longer supportive of the ratings and causes erosion in the company's capital base.

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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• Rating Captives and Other Alternative Risk Transfer Entities (Version Aug. 28, 2025)
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• Evaluating Country Risk (Version June 6, 2024)
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• Understanding Global BCAR (Version July 16, 2026)
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• Catastrophe Analysis in AM Best Ratings (Version Feb. 27, 2026)
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• Available Capital and Insurance Holding Company Analysis (Version Sept. 18, 2025)
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• Scoring and Assessing Innovation (Version Feb. 20, 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: Oct. 24, 2025
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• Initial Rating Date: Oct. 3, 2016
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• Date Range of Financial Data Used: Dec. 31, 2020-June 30, 2026
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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.