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Rating Action:

Moody's affirms Seguros Illimani's Caa1/Baa2.bo IFS ratings

15 Apr 2013

Buenos Aires City, April 15, 2013 -- Moody's Latin America has affirmed Seguros Illimani's Caa1 insurance financial strength (IFS) rating on the global local-currency scale, as well as its Baa2.bo IFS rating on Bolivia's national scale. Both ratings have a stable outlook.

Seguros Illimani, which is privately-owned by a local businessman, is a Bolivian property and casualty insurer, focused primarily on mandatory automobile accident-liability insurance ("SOAT", for its Spanish acronym).

RATINGS RATIONALE

Moody's noted that Seguros Illimani's ratings affirmation reflects the company's generally stable, but overall modest credit profile, characterized by its relatively weak business and financial fundamentals in comparison with other insurers' in the Bolivian marketplace, as well as on a global basis. Key concerns are Seguros Illimani's comparatively high product risk profile, small capital base, weak market presence, and volatile profitability -- the last factor having been clearly highlighted by net losses reported in past years,. The rating agency went on to say that the company's credit profile has also been negatively impacted by its market size; Seguros Illimani is the smallest participant in Bolivia's concentrated property and casualty market, holding a share of less than 3% of the industry's gross premiums in 2012. Moody's lead analyst Diego Nemirovsky commented: "The company's lack of product diversification and its high concentration in the SOAT market is a key negative consideration for Seguros Illimani's credit profile."

Moody's noted, however, that Seguros Illimani is a long-standing traditional insurance company in the marketplace, including being one of the leading SOAT coverage providers over the course of many years. Although the current competitive SOAT market has experienced poor results in the past, the market's mandatory nature provides some stability in the company's business volume, allowing for the possibility of performance improvement; in fact, profitability in 2012 improved significantly over previous years, with a return on capital of 12.5%.

Among the factors that could result in a rating downgrade for Seguros Illimani, Moody's mentioned an impairment in the company's capitalization (i.e.: increase in its gross underwriting leverage to above 7x), a sustained track record of net losses, or deterioration of already modest market presence. Conversely, Seguros Illimani's ratings' could be upgraded if the company is able to sustain profitability (i.e.: return on capital consistently higher than 5%), or if the company increases its product diversification, with lines other than SOAT accounting for at least one-third of total premiums.

Based in La Paz, Seguros Illimani reported a net profit of BOB 2.7 million, and gross premiums written of BOB 52 million for the fiscal year ended December 2012. Total assets were BOB 88 million and shareholders' equity was BOB 23 million as of year-end 2012.

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 methodology used in this rating was Moody's Global Rating Methodology for Property and Casualty Insurers published in May 2010. Please see the Credit Policy page on www.moodys.com for copies of these methodologies.

Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for México. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance published in October 2012 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain 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 certain 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 certain 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.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

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.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Diego Mariano Nemirovsky
Vice President - Senior Analyst
Financial Institutions Group
Moody's Latin 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

Moody's affirms Seguros Illimani's Caa1/Baa2.bo IFS ratings
No Related Data.
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