AM Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to “a-” (Excellent) from “bbb+” (Good) of Bupa Insurance Company (BIC) (Palmetto Bay, FL). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect BIC’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile, appropriate enterprise risk management and rating enhancement from its parent company.

The rating upgrades reflect rating enhancement from BIC’s ultimate parent company, the British United Provident Association Limited (Bupa Group) (United Kingdom). Bupa Group is an international company with operations in health insurance, health care and aged care.

BIC’s balance sheet strength is assessed as very strong. The company’s assessed level of risk-adjusted capitalization at year-end 2025, as measured by Best’s Capital Adequacy Ratio (BCAR), was strongest. However, the company is exposed to the challenges posed by the volatile political, regulatory and economic environments of the countries in Latin America where it operates.

Bupa has a conservative investment portfolio, composed of fixed-income securities and cash and short-term investments. BIC has generated pretax net operating gains annually over the last five years and through mid-2026, owing to underwriting income in its international private medical insurance business and net investment income. However, the company maintains a concentration of premium in the highly competitive international private medical insurance segment in Latin American countries.

Additionally, the company benefits from the implicit and explicit support of Bupa Group, its ultimate parent. AM Best expects the parent to provide financial support to BIC if necessary.

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.

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