AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb” (Good) to Sociedad de Seguros Mutuos Marítimos de Vigo, Mutualidad de Seguros y Reaseguros a Prima Fija (Mutua de Vigo) (Spain). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Mutua de Vigo’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.

Mutua de Vigo’s balance sheet strength assessment of strong is supported by its strongest level of risk-adjusted capitalisation at year-end 2024, as measured by Best’s Capital Adequacy Ratio (BCAR), underpinned by a healthy level of retained earnings and low underwriting risk. The balance sheet strength assessment also factors in the mutual insurer’s small capital base, which can give rise to volatility in its risk-adjusted capitalisation, and its relatively high reinsurance dependence.

AM Best considers Mutua de Vigo's operating performance to be adequate given its positive performance over time, backed by relevant ceded reinsurance commissions and good investment income. The result achieved in 2024 was a record high. AM Best expects that the company’s 2025 result will continue to demonstrate solid underwriting quality and performance.

Mutua de Vigo, established in 1896, is a niche marine insurer, providing hull & machinery and cargo insurance coverage with a focus on fishing vessels. The mutual insurer ranks second in the fishing vessel sub-segment and fifth overall in Spain’s marine market, based on gross written premiums (GWP). In 2024, the company generated GWP of EUR 18.1 million, of which approximately two-thirds were generated in Spain, reflecting some geographic concentration. As part of its strategic plan, Mutua de Vigo aims to continue expanding its international business.

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 specialising 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 www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260408878767/en/

Juan A. Villaescusa Prades
Senior Financial Analyst
+31 20 808 1162
juan.villaescusa@ambest.com

Eli Sanchez
Director, Analytics
+31 20 808 3190
eli.sanchez@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

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