AMSTERDAM–(BUSINESS WIRE)–#insurance—AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Mutua de Riesgo Maritimo, Sociedad de Seguros a Prima Fija (Murimar) (Spain). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Murimar’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
Murimar’s balance sheet strength assessment of strong is supported by its strongest level of risk-adjusted capitalization at year-end 2024, as measured by Best’s Capital Adequacy Ratio (BCAR), underpinned by solid retained earnings. Murimar’s balance sheet strength also factors in its small capital base, which can give rise to volatility in its risk-adjusted capitalisation.
AM Best considers Murimar’s operating performance to be adequate. In 2024, the mutual achieved record profits after-tax of EUR 3.3 million, and a combined ratio of 84.8%, below Murimar’s five-year average of 92.4% (2020-2024) (as calculated by AM Best).
Murimar is a niche insurer focused on marine hull and cargo insurance for small- to medium-sized vessels in Spain. Murimar ranks third overall in Spain’s marine market and is a leader in the fishing vessel segment. In 2024, Murimar reported gross written premium (GWP) of EUR 42.1 million, of which EUR 39.4 million referred to non-life business. Distribution through Murimar’s strong agency network and effective client retention aided by its mutual status supports its market position. Although concentrated in its domestic market, Murimar has started to expand internationally over the past five years. In 2024, international business represented 18% of its GWP.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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