AM Best Revises Issuer Credit Rating Outlook to Positive, Affirms Credit Ratings of Sura Re Ltd.
MEXICO CITY, October 16, 2026--AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of "bbb" (Good) of Sura Re Ltd. (Sura Re) (Bermuda). The outlook of the FSR is stable.
The Credit Ratings (ratings) reflect Sura Re's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
The revision of the Long-Term ICR outlook to positive from stable reflects the company's continued organic capital growth, supported by prudent capital management and consistent earnings generation. These factors have enabled the company to increase its capital base to more than USD 20 million while maintaining its risk-adjusted capitalization at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). Additionally, a recent capital contribution from shareholders further strengthens the company's capital position and supports the implementation of the captive's business strategy. AM Best expects the company to continue strengthening its capital base while prudently executing its growth strategy and maintaining capital levels commensurate with its evolving risk profile.
Sura Re is a Bermuda-based captive reinsurer fully owned by Suramericana S.A. (Suramericana) (Colombia), an insurance group that is 81.1% owned by Grupo de Inversiones Suramericana S.A. (Grupo Sura). Sura Re was established in Bermuda as a Class 3A insurer in December 2015, and in April 2022, received approval from the regulator to operate as a Class C insurer. Sura Re's main objective is to participate in property/casualty and life/health businesses, which are underwritten by Suramericana's affiliates across Latin America (i.e., Chile, Colombia, México, Panama and Dominican Republic), and help the group achieve its strategic regional goals. AM Best recognizes the greater relevance that Sura Re is aiming to achieve in Suramericana's overall regional strategy, which is reflected with Suramericana's expanded geographic scope.
AM Best assesses Sura Re's balance sheet strength as very strong, underpinned by its strongest level of risk-adjusted capitalization, as measured by BCAR. During 2025, pricing risk remained the primary driver of Sura Re's capital requirements, a trend that AM Best expects to continue as the company takes on a more prominent role within the group. The company's asset liability management and liquidity positions are adequate; both are supported by a conservative investment policy focused on maintaining liquidity to cover Sura Re's obligations in terms of tenure and currency. To date, the company has not taken on any credit obligations, which reduces pressure on its earnings and cash flow. The absence of dividend distributions also supports capital retention.