AM Best Revises Outlooks to Positive for Cooperativa de Seguros Multiples de Puerto Rico

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Cooperativa de Seguros Multiples de Puerto Rico (CSM) (San Juan, PR).

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

The outlook revisions to positive are based on CSM’s improved operating performance metrics resulting from underwriting initiatives implemented in previous years. As a result, the company’s five-year average pre-tax returns on revenue and equity compared favorably to the composite. Also, the company’s five-year average combined and operating ratios also compared favorably to the composite. Although the company’s expense ratio is somewhat elevated, overall return metrics have been stable. AM Best expects CSM’s prospective underwriting and operating results to remain favorable over the intermediate term, while maintaining its strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio. If the favorable operating trends continue it could result in an upgrade of CSM’s operating performance building block assessment.

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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