Credit rating agency AM Best has upgraded the Financial Strength Rating of Patria Re (US), Inc. to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to “a- “(Excellent) from “bbb+” (Good), and assigned a stable outlook.
The ratings reflect Patria US’ 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).
Moreover, the upgraded ratings reflect the firm’s improved risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), which benefits from significant capital support provided by Grupo Peña Verde alongside robust, favourable bottom-line performance.
The ratings also highlights Patria Re US’ strategic importance to parent Peña Verde, a leading group in Mexico’s insurance and reinsurance industries, which provides synergies and operating efficiencies.
They also reflect the support received from its sister company, Reaseguradora Patria, S.A. (Patria Re). As of June 2026, Peña Verde reported USD 937 million and premiums of USD 709 million.
“AM Best considers Patria US’ balance sheet strength to be at the very strong level, with its capital base expected to strengthen from positive bottom-line results. The company has received three capital contributions; the most recent capital infusion took place in August 2026, which amounted to USD 50 million. AM Best will monitor the company’s capital inflows to continue assessing its capability to grow and undertake its desired level of risk,” the rating agency stated.
