A.M. Best has upgraded Atlantic Southern Insurance Company’s financial strength rating to B++ (Good) from C++ (Marginal) and issuer credit rating to “bbb” from “b+.” The ratings have been removed from under review with positive implications and assigned a stable outlook, the agency said Wednesday.
Some 28,699 Puerto Rico residents signed up for health coverage under the Patient Protection and Affordable Care Act, during the six-month subscription period that ended Mar. 31, Insurance Commissioner Angela Weyne said Thursday.
Spanish insurance group MAPFRE confirmed Wednesday that the North American market, which covers Canada, the United States mainland and Puerto Rico, now represents 10 percent of its premiums and revenue.
Puerto Rico residents have a little more than two weeks to sign up for health insurance or switch the terms of their coverage under the Affordable Care Act, Insurance Commissioner Angela Weyne said Thursday.
Compulsory insurance provider Point Guard Insurance, which broke into the market two years ago to break the existing monopoly at the time, recently opened a new customer service center in Carolina and remodeled and expanded its Ponce center.
In the wake of losing its contract with the government to provide health insurance coverage through the public MiSalud plan, insurer Humana Health Plans of Puerto Rico Inc. announced Thursday it will eliminate 329 jobs from its local operation.
Keeping Puerto Rican driver safety in mind, Point Guard Insurance recently unveiled its mobile application, through which customers can submit claims and verify status of existing ones, access contact information and roadside assistance services.
Puerto Rican insurance firm Triple-S Vida announced Monday that it has signed a letter of intent to acquire competing insurer Atlantic Southern Insurance Co. for an undisclosed amount.
Liberty International Underwriters is adding maritime cargo insurance to its Puerto Rico portfolio, looking to tap into that business line via a web-based service through which clients can obtain required coverage for their inbound and outbound shipments.
Insurance industry credit ratings agency A.M. Best Co. has affirmed the financial strength rating of A (Excellent) and issuer credit ratings (ICR) of “a” of MAPFRE PRAICO Insurance Company, its wholly owned subsidiary, MAPFRE Preferred Risk Insurance Company, and an affiliate, MAPFRE Pan American Insurance Company, collectively known as the MAPFRE PRAICO Group.
Despite the challenges Puerto Rico’s insurance industry has faced related to new federal health regulations and local tax changes, it remains one of the local economy’s strongest sectors and industry members continue to develop products and services in benefit of consumers.
Triple-S Management Corporation, a managed care company in Puerto Rico, announced Wednesday consolidated revenues of $592 million and consolidated operating income of $22.7 million for the three months ended March 31, 2013.
Joaquín Castrillo-Garratón has been named president of MAPFRE Puerto Rico effective in January after being promoted from his current post as executive vice president, said Raúl Costilla, who currently leads the operation.
Looking to reinforce its local leadership, Medical Cards System Inc. CEO Jim O’Drobinak announced the promotions of David Scanavino to president of the MCS Advantage Inc. subsidiary, David P. Schaffer, to CFO of MCS Life Insurance Company and MCS Health Management Options; and José Aponte, to CFO of MCS Advantage Inc.
Effective today, Puerto Rico consumers will have a new online option when it comes to buying car insurance.
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