In the eight months after entering the island’s compulsory auto insurance market, Cooperativa de Seguros Múltiples has signed up 200,000 clients, exceeding its target of achieving a 15 percent market share, company officials said Wednesday.
As part of a strategic move aimed at broadening its Puerto Rico products portfolio, MCS announced Wednesday it has created a new subsidiary, MCS General Insurance Agency, to tap into the life and disability insurance market.
In the days since Assured Guaranty filed a lawsuit jointly with monoline insurer Ambac against the commonwealth of Puerto Rico over the constitutionality of revenue clawbacks, the parties have been defending their corners via public statements.
New York-based Ambac Financial Group Inc. on Thursday filed a lawsuit to protect its rights against what it deemed the “illegal" clawback of certain revenue by the Commonwealth put into effect last month.
Although most insurance carriers in Puerto Rico maintain sufficient capital to support lower bond ratings given their adequate capital positions and manageable exposures to the Puerto Rico municipal bond market, there will be circumstances where rating actions may have to be taken, ratings agency A.M. Best said.
Assured Guaranty Municipal and National Public Finance Guarantee, two bond insurers with exposure to Puerto Rico, recently received AA+ Stable Outlook ratings from Kroll Bond Rating Agency, which gave them favorable grades despite their risk.
Puerto Rico bonds have historically been well-received at issuance as they are triple tax-exempt, offering an alternative to investors that are free from local, state and U.S. federal taxes.
Puerto Rico managed care provider Triple-S Management Corp. announced Monday the retirement of Ramón Ruiz-Comas, its president and chief executive officer, effective Jan. 1, 2016.
Despite the current economic challenges facing Puerto Rico, the financial strength of the Commonwealth’s insurance carriers remains generally solid, according to a new A.M. Best briefing.
Medicare Advantage provider Constellation Health is looking to expand its services to Puerto Rico’s 78 municipalities starting January 2016, anticipating that the move will create more jobs and usher in the acceptance of more members who will benefit from the advantages of that health plan.
Triple-S Management Corp. announced Tuesday net income of $4.7 million for the third quarter ended Sept. 30, reflecting a 75 percent drop from last year's third quarter net income of $18.6 million
In what represents its first venture outside the Caribbean region, Grupo Triple-S announced today the expansion of its health and life insurance operations to Costa Rica under the brand BlueCross BlueShield Costa Rica.
A.M. Best announced Tuesday it has upgraded Hato-Rey based Universal Life Insurance Company’s financial strength rating to A- (Excellent) from B++ (Good) and the issuer credit rating to “a-” from “bbb+.”
Triple-S Management Corp. managed care company announced Tuesday consolidated revenues of $584.8 million and consolidated operating income of $10 million for the three months ended Mar. 31, 2014.
Triple-S Salud will offer government health plan beneficiaries a cell phone that will allow them to care for and monitor their health conditions, the company announced Thursday.
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