This improvement in the rating results in two actions by S&P. On one hand, the rating of Mapfre S.A., the holding company, is set at ‘A’, when previously it was ‘A-‘.

S&P has also raised Mapfre Re’s rating. The reinsurance company, which had an ‘A+’ rating, now has an ‘AA-‘ rating. In both cases, the outlook is “stable,” according to the agency, which intends to reflect its expectation that Mapfre will achieve “robust and stable results” while maintaining a combined ratio and profitability levels similar to other large insurance groups with comparable ratings.

Additionally, the agency has positively reassessed the group’s risk profile, which until yesterday was considered “strong” and has now been upgraded to “very strong.”

These rating rises come on the back of the continuous improvements Mapfre has evidenced in its results over recent years. “Management has demonstrated strong discipline,” emphasizes S&P Global Ratings.

The agency considers that the Safety acquisition will have a limited impact on Mapfre’s risk profile, while reinforcing the group’s competitive position in the Motor and Homeowners business lines in those US markets it’s active in.