A.M. Best Co. has placed under review with positive implications the financial strength rating of C++ (Marginal) and the issuer credit rating of “b+” of Atlantic Southern Insurance Company in Puerto Rico.
The under review status follows the announcement that Triple-S Vida Inc., a subsidiary of Triple-S Management Corp, has entered into an agreement to acquire ASICO.
“The positive implications reflect the expected benefits ASICO will receive from being a part of a larger organization with access to additional financial and managerial resources,” A.M. Best said.
The acquisition is in the process of approval by regulatory entities.
ASICO’s ratings will be removed from under review following the completion of the transaction and A.M. Best’s further analysis and discussions with management regarding ASICO’s strategic fit within the Triple S organization, A.M. Best said.