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AM Best Assigns Credit Ratings to Olé Insurance Group Corp I.I.

AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb” (Good) to Olé Insurance Group Corp I.I. (Olé Insurance) (San Juan, Puerto Rico). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Olé Insurance’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.

The ratings also reflect the company’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), prudent investment practices and an innovative business model. On the downside, Olé Insurance is subject to volatility derived from its relatively recent start of operations, expansion risk and sensitivity to changes in the evolution of its business plan.

Olé Insurance specializes in term life insurance, beginning operations in 2019 as Amedex Assurance Corp I.I. The company is licensed as a Class 5 International Insurer. Geographically, gross premiums are mainly distributed in Latin America: Ecuador (30%), Mexico (20%), Venezuela (11%) and the remainder (39%) in 17 other countries. The company has a growing distribution network, with over 3,000 independent agents based in the United States and Latin America.

The company’s operation is supported by automated systems and specialized personnel equipped with digital tools to assist prospective clients. Olé Insurance also uses background checks and technological tools to analyze the profiles of its clients. Some applications are automatically approved, and do not require medical examinations for assured sums of up to USD 1 million.

Olé Insurance’s risk-adjusted capitalization is at the strongest level, as measured by BCAR, with underwriting risk standing as the main component for required capital. Overall, the company’s balance sheet is very strong, but it is subject to volatility derived from its net business portfolio of distribution and growth.

As of year-end 2022, Olé Insurance’s gross written premiums stood at USD 2.9 million, and, as expected from a new company, technical income and year-end results were negative. Prudent underwriting practices are the key drivers that could influence future operating results.

Factors that could lead to positive rating actions include the continued growth of Olé Insurance’s capital base in the medium term, support of its current level of risk-adjusted capitalization and successful consolidation of its business strategy. Negative rating actions could occur if premium growth or adverse development of the underwriting portfolio erodes Olé Insurance’s capital base and reduces risk-adjusted capitalization to a level that no longer supports the ratings, or as a result of an unfavorable development in the company's business strategy.

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.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


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