AM Best Revises Outlooks to Positive, Affirms Credit Ratings of BTG Pactual Resseguradora S.A. and BTG Pactual Seguros S.A.

MEXICO CITY, October 16, 2026--AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb+" (Good) of BTG Pactual Resseguradora S.A. (BTG Re) (São Paulo, Brazil) and BTG Pactual Seguros S.A. (BTG Seguros) (São Paulo, Brazil). Concurrently, AM Best has affirmed the Brazil National Scale Rating (NSR) of "aaa.BR" (Exceptional) of BTG Re and BTG Seguros. The outlook of this NSR is stable.

The Credit Ratings (ratings) reflect BTG Re's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

The positive outlooks on these ratings reflect AM Best's expectation that BTG Re will maintain its risk-adjusted capitalization at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), supported by the initiatives implemented by its management.

BTG Re is a domestic reinsurer in Brazil, operating predominantly in the surety segments in Brazil, Latin America, and recently, in Portugal and Spain, as part of its expansion strategy. The company also recently entered the agricultural line through business assumed from its affiliated company, TOO Seguros S.A. BTG Re's intermediate parent, Banco BTG Pactual S.A. (BTG Pactual) [B3: BPAC11], provides operational support and risk management capabilities and can provide liquidity if needed.

Also reflected in BTG Re's ratings is the impact of its credit profile and Brazil's challenging and volatile macroeconomic and political environment, which continues to hamper meaningful economic recovery and stability in the country. BTG Pactual has shown a consistent trend in its results and credit strength while expanding and diversifying its operations; however, BTG Re's ratings are somewhat limited by its domestic operating environment.

BTG Re maintains solid standalone attributes in terms of operating performance, including low loss and expense ratios, and the strongest level of risk-adjusted capitalization, as measured by BCAR. BTG Re has produced positive earnings since inception, driven by underwriting results and investment income. BTG Re also benefits from a solid retrocession program that mitigates its underwriting exposures; the company's reinsurance retention remains low.

BTG Seguros is a domestic insurer in Brazil, operating predominantly in the country's surety segment. The company takes advantage of the business profile and market presence of its affiliated company, BTG Re, to which it cedes almost all of its risk.