A.M. Best Places Credit Ratings of Triple-S Propiedad, Inc. Under Review with Negative Implications
OLDWICK, N.J.--(BUSINESS WIRE)--Aug 3, 2018--A.M. Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Triple-S Propiedad, Inc. (Guaynabo, Puerto Rico).
The Credit Rating (rating) action follows the company’s recently announced significant decline in policyholder surplus. The decline was driven by adverse development on losses from Hurricane Maria of approximately $76.4 million ($47.5 million after-tax). As a result of the increased losses, claims from Hurricane Maria subsequently exceeded the company’s available reinsurance protection. The magnitude of the additional losses relative to amounts previously disclosed to A.M. Best earlier this year drives further uncertainty regarding the effectiveness of the company’s enterprise risk management program. While the company has a number of initiatives under consideration to bolster capital, including support from the parent company, Triple-S Management Corporation, the ultimate adequacy of these initiatives is uncertain. Accordingly, the ratings will remain under review pending A.M. Best’s analysis of the company’s business plans.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s web page. For additional information regarding the use and limitations of Credit Rating opinions, please view . For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view .
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CONTACT: A.M. Best
Brian O’Larte,+1 908-439-2200, ext. 5138
Christopher Sharkey,+1 908-439-2200, ext. 5159
Manager, Public Relations
Richard Attanasio,+1 908-439-2200, ext. 5432
Jim Peavy, +1 908-439-2200, ext. 5644
Director, Public Relations
KEYWORD: UNITED STATES EUROPE NORTH AMERICA CARIBBEAN PUERTO RICO NEW JERSEY
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE INSURANCE
SOURCE: A.M. Best
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PUB: 08/03/2018 03:09 PM/DISC: 08/03/2018 03:09 PM