AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of "a-" (Excellent) for Delta Industrial Res affiliates Reaseguradora Delta, S.A. (Delta Panama) and Reaseguradora Delta, C.A. (Delta Venezuela). The outlook for these ratings remains stable, signaling confidence in the companies' ability to meet policyholder obligations despite regional economic volatility. This affirmation underscores the robust capital adequacy and consistent underwriting profitability that characterize the group's operations in Latin America.

The ratings reflect Delta Panama's very strong balance sheet strength and strong operating performance. AM Best cites a neutral business profile and appropriate enterprise risk management (ERM) as key supporting factors. Delta Panama, founded in 2010 in Panama City, offers treaty and facultative reinsurance across multiple lines including fire, surety, construction, auto, marine aviation, and personal liabilities. Its portfolio is diversified geographically, covering Venezuela, Ecuador, the Dominican Republic, and 10 other countries.

Delta Panama's portfolio composition consists of 61% treaty contracts and 39% facultative reinsurance. Distribution channels include brokers, alliances with other reinsurers, and a managing general agent established in Miami by shareholders. The company's profitability is fully achieved through technical results in its main business lines, with premium sufficiency levels aligning well with its strong assessment. Investment income contributes to earnings but does not drive the core profitability narrative.

Delta Venezuela, founded in 1963 in Caracas, shares top management and major shareholders with Delta Panama since 2010. It underwrites premiums in Venezuela and Ecuador using shared distribution channels. Despite economic volatility in Venezuela, Delta Venezuela maintains a strongest level of risk-adjusted capitalization as measured by Best’s Capital Adequacy Ratio (BCAR). The entity is well-protected through a conservative investment strategy and receives substantial reinsurance support, including underwriting protection and ERM guidance, from Delta Panama.

What the Numbers Show

The stability of the ratings highlights the effectiveness of Delta Panama's enterprise risk management framework. With over 20 years of experience in the Latin American market, the management team utilizes a sound pricing model and a well-defined risk appetite. A key analytical observation is the reliance on technical profitability rather than investment income; this suggests that premium pricing is sufficient to cover losses and expenses independently, reducing sensitivity to market fluctuations in investment returns. Furthermore, the strong BCAR metrics indicate that shareholders remain committed to strengthening the capital base, providing a buffer against potential erosion from cash withdrawals or deteriorating operating results.

Negative rating actions could occur if the capital base erodes due to cash withdrawals or if operating results deteriorate to a point where risk-adjusted capitalization no longer supports the current assessment. Conversely, positive actions may follow if Delta Panama continues to grow its capital volume while maintaining its strongest level of risk-adjusted capitalization.

Aman Kumar Ray resigned as a Director of Delta Industrial Resources Limited effective June 25, 2026, due to personal reasons. The resignation was submitted with effect from the close of business hours on the said date. The company confirmed there are no other material reasons for the departure.

The disclosure was made to the exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The letter of resignation has been enclosed with the regulatory filing.

Key Details of Resignation

The Board of Directors has been requested to record the resignation and complete the necessary formalities. The company’s Managing Director, Lily Mundu, signed the intimation sent to the stock exchanges.