AM Best has revised the outlooks to stable from positive and affirmed the Financial Strength Rating of B+ (Good), the Long-Term Issuer Credit Rating of “bbb-” (Good) and the Mexico National Scale Rating of “aa-.MX” (Superior) of Armour Secure Insurance S.A. de C.V. (Armour) (Mexico City, Mexico).

The Credit Ratings (ratings) reflect Armour’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, limited business profile and marginal enterprise risk management (ERM).

The revision of the outlooks to stable from positive reflects the diminished communication and transparency between the holding company, Trebuchet Group Holdings Limited, and Armour’s management. The stable outlooks factor AM Best’s expectation that Armour will maintain its balance sheet strength assessment at the strong level, supported by risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), while maintaining a strong level of operating performance.

The strong balance sheet strength assessment reflects Armour’s capital base, which has been consistently strengthened through the reinvestment of earnings. Armour has been able to sustain a profitable operation through its underwriting results, consistently reporting premium sufficiency that has benefited from efficiencies in management expenses in the last few years. Armour’s bottom-line results are reinforced by investment income, which follows a conservative approach allocating its portfolio to Mexican fixed income securities.

Armour is the leader in Mexico’s title insurance market, holding over 70% of market share as of December 2025 with only one competitor. The company’s business profile is limited due to its concentration in a niche market.

Positive rating actions could take place if, in AM Best’s view, Armour and its holding company keep improving communication, demonstrating transparency and efficiency in information and its ERM processes. Positive rating actions could also take place if risk-adjusted capitalization continues strengthening through profitable operating performance. Negative rating actions could take place if operating performance deteriorates below its current assessment or the company’s risk-adjusted capitalization weakens due to significant cash withdrawals or excessive premium growth.

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 www.ambest.com.

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