03.12.2012 19:26
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Rimac Seguros y Reaseguros -- Moody's affirms Rímac Seguros' Baa3 insurance financial strength; outlook to positive

Buenos Aires City, December 03, 2012 -- Moody's Investors Service has affirmed Rímac -- Internacional Compańía de Seguros y Reaseguros' ("Rímac") Baa3 insurance financial strength (IFS) rating. The rating outlook was changed to positive from stable. Rímac is the leading Peruvian insurer that distributes property and casualty (P&C), life and health insurance coverage to individuals, as well as to a wide range of corporations The company is majority-owned by "Grupo Breca", a leading economic group in Perú that belongs to the Brescia family.

RATINGS RATIONALE

According to Moody's, the affirmation of Rímac's rating is based primarily on its sustained leadership position in the Peruvian insurance market, its good product diversification and profitability, and its affiliation with Grupo Breca, which has ownership interests in several large Peruvian corporations across different sectors such as mining, tourism, agro-industry, and real estate. Moody's lead analyst for Rímac, Diego Nemirovsky, commented: "Rimac benefits from its integration and synergies with Grupo Breca, given the wide presence of the group in the Peruvian economy, thereby leveraging Rimac's operations."

In shifting the outlook for Rimac's rating to positive from stable, Moody's noted the company's improving investment diversification, recent favorable reserve development, and solid underwriting results for its general insurance segments, with a loss ratio consistently below 50% over the last 4 years. The positive outlook for Rimac also reflects the rating agency's view that the company's asset quality and financial flexibility will improve to an extent to justify a higher rating in the event that Peru's sovereign credit rating (Baa2, positive outlook) is ultimately upgraded.

However, Moody's pointed out that these strengths are offset by the following credit concerns and challenges for the company: 1) high exposure to natural catastrophes, given Perú's location along the Andes cordillera and Pacific coastline, 2) investment risk associated with its still high concentration in Peruvian assets, 3) the company's potential spread-compression and reinvestment risk on its annuities, and 4) Peru's weak operating environment. "The company's exposure to catastrophe risk and its dependence on getting reinsurance capacity to manage its business are factors that constrain the creditworthiness of Rímac", added Mr. Nemirovsky.

Commenting on factors that could result in an upgrade for Rímac's rating, Moody's cited the following: 1) an upgrade of Peru's sovereign bond rating and/or improvement in Peru's operating environment, 2) a sustained improvement in its asset quality, and 3) a significant reduction in its catastrophe exposure. Given the company's positive outlook, a rating downgrade is unlikely. However, the insurer's outlook could return to stable in case of 1) the outlook for Peru's sovereign bond rating changes back to stable, 2) a deterioration in the company's asset credit quality, 3) sustained underwriting losses in its P&C products; and 4) a decline in its capital adequacy (e.g. adjusted shareholders' equity being less than 12% of total assets).

Rímac is headquartered in Lima, Perú, and it reported net income of s/. 113 million and gross premiums written of s/. 1.9 billion for the nine-month period ended September 30, 2012. As of that date, the company reported total assets of s/. 5.8 billion and shareholders' equity of s/. 1.2 billion.

Moody's insurance financial strength ratings are opinions of the ability of insurance companies to pay punctually senior policyholder claims and obligations. For more information, visit our website at www.moodys.com/insurance.

The principal methodologies used in this rating were Moody's Global Methodology for Property & Casualty (Non-Life) Insurers, published in May 2010 and Global Rating methodology for Life Insurers, published in May 2010. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Diego Nemirovsky Vice President - Senior Analyst Financial Institutions Group Moody'sLatin America Ing. Butty 240 16th Floor Buenos Aires City C1001AFB Argentina JOURNALISTS: (800) 666 -3506 SUBSCRIBERS: (5411) 5129 2600 Robert Riegel MD - Insurance Financial Institutions Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Latin America Ing. Butty 240 16th Floor Buenos Aires City C1001AFB Argentina JOURNALISTS: (800) 666 -3506 SUBSCRIBERS: (5411) 5129 2600 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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