...Financial Strength: The ratings are based on balance sheet, operating performance and other key quantitative strengths relative to peers and industry averages, all in which Reaseguradora Patria (Patria) has performed better than its peers. Fitch Ratings positively views qualitative factors, such as corporate governance and management, and its wide product and market focus strategy. The current rating is constrained by the challenges of its size for a reinsurer that competes with global peers and above average exposure to variable income investments. Solid Capitalization Levels: Patria's average operating leverage level remains at a low 1.0x in 2009¡2013, which is the result of the stringent Mexican insurance regulation, its conservative dividend policy and its risk-based capital approach. Patria's risk management model is advanced and has proved effective in monitoring and mitigating the company's risks. Operating Performance Improves Consistently: Patria has been able to maintain loss...
