Insurance credit agency A.M. Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb+” of Puerto Rioc’s Trans-Oceanic Life Insurance Company. The outlook of the FSR remains stable.
Triple-S Management Corp. announced third quarter 2017 results Thursday, confirming net income of $21.9 million, or $0.91 per diluted share, versus a net loss of $1.9 million, or $0.08 per diluted share, in the prior-year period.
Triple-S Management Corp. announced Tuesday consolidated revenues of $745.9 million and net income of $12.7 million, or $0.52 per diluted share, versus net income of $3.9 million, or $0.16 per diluted share for the same second quarter of 2016.
Triple-S Management Corporation announced Wednesday its subsidiary, Triple-S Salud Inc., has agreed to extend its contract with the Puerto Rico Health Insurance Administration for the provision of health services in the Metro North and West regions of the government's health insurance program, to Sept. 30, 2017.
Assured Guaranty Ltd. Filed an adversary complaint challenging the Commonwealth of Puerto Rico’s “illegal diversion” of special revenue bond collateral that secures the payment of Puerto Rico Highways and Transportation Authority bonds.
The Puerto Rico International Insurers Association (PRIIA) issued a statement Thursday saying it operates under laws and regulations that insulate its member companies and their clients from any changes to Puerto Rico that Title III bankruptcy may bring about.
Triple-S Management Corporation, a managed care company in Puerto Rico, announced Tuesday quarterly consolidated revenues of $722.5 million and a net loss of $4.3 million, or $0.18 per diluted share, versus net income of $3.4 million, or $0.14 per diluted share, a year ago.
Puerto Rico’s insurance industry represents $185 million in economic contributions to the government’s coffers and generates 30,000 direct, indirect and induced jobs, a study released Thursday shows.
The Advance Notice and Draft Call Letter recently issued by the Centers for Medicare and Medicaid Services includes proposals that if finally implemented would result in a minor net increase of 1.6 percent to calendar year 2018 Medicare Advantage benchmark rates for Puerto Rico.
Two bond insurance subsidiaries of Assured Guaranty Ltd., together with its subsidiaries, Assured Guaranty, have made interest payments to holders of insured General Obligation and other bonds after Puerto Rico and certain of its agencies failed to pay on Jan. 3.
Puerto Rican managed care company Triple-S Management Corporation announced Thursday consolidated revenues of $744.7 million and a net loss of $1.9 million, or $(0.08) per diluted share, versus net income of $4.2 million, or $0.16 per diluted share a year ago.
Multinational Life Insurance Company announced Monday that A.M. Best, the international rating firm for the insurance industry, has affirmed the insurer’s B++ rating and revised the company’s “Long Term Issuer” credit rating from stable to positive.
Two bond insurance subsidiaries of Assured Guaranty Ltd. have made some $205 million in debt service payments to holders of insured General Obligation and other bonds on which Puerto Rico and certain of its entities defaulted on July 1, the company announced Thursday.
Following the success achieved with auto accident insurance firm Point Guard, the founding trio of entrepreneurs are now launching Puerto Rico Home Insurance, offering the only local home insurance policy that reimburses consumers 20 percent of their annual premium if they have no claims during the coverage year.
While insurers domiciled in Puerto Rico have maintained underwriting discipline and demonstrated favorable operating results and solid balance sheet strength, the competitive operating environment and economic challenges there will hinder their ability to grow over the near to medium term, according to a new A.M. Best briefing.
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