AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Mutua de Riesgo Maritimo, Sociedad de Seguros a Prima Fija (Murimar) (Spain). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Murimar’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 (ERM).

Murimar’s balance sheet strength assessment of strong is supported by its strongest level of risk-adjusted capitalization at year-end 2025, as measured by Best’s Capital Adequacy Ratio (BCAR), underpinned by solid retained earnings. Murimar’s balance sheet strength also factors in the size of its capital base, which can give rise to volatility in its risk-adjusted capitalisation; however, Murimar’s reinsurance programme provides a strong degree of financial stability.

AM Best considers Murimar’s operating performance to be adequate. In 2025, the mutual insurer achieved profits after-tax of EUR 2.7 million, and a combined ratio of 94.3% (as calculated by AM Best). Solid underwriting results in the last four years have been supported by Murimar’s disciplined underwriting and extensive market knowledge.

Murimar is a Spanish niche insurer focused on marine hull, yacht and cargo insurance for small- to medium-sized vessels. It holds leading positions in Spain’s marine insurance market ranking third overall, first in fishing vessel segment and second in the yacht segment. Although concentrated in Spain, as of 2025, Murimar’s international business represented over one-third of its gross written premium at year-end 2025. Distribution through Murimar’s strong agency network and effective client retention aided by its mutual status supports its market position.

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.

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