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.
First BanCorp., the parent company for FirstBank Puerto Rico, reported Monday net income of $23.3 million for the first quarter of 2016, or $0.11 per diluted share, compared to $15 million, or $0.07 per diluted share, for the fourth quarter of 2015 and $25.6 million, or $0.12 per diluted share, for the first quarter of 2015.
Encouraged by the progress shown by its U.S. mainland operation and by the strength of its Puerto Rico franchise, Popular Inc. reported Monday net income of $85 million for the first quarter ended Mar. 31, 2016, compared to net income of $137.4 million and an adjusted net income of $98.3 million for the quarter ended Dec. 31, 2015.
Popular Community Bank, a subsidiary of Popular Inc., announced Wednesday the expansion of its high tech branches with the opening of the 285 Madison Avenue location in New York City.
EVERTEC Inc. announced Wednesday that as a result of its failure to timely file its annual report for fiscal year ended Dec. 31, 2015, it has been warned by the New York Stock Exchange that it is not in compliance with listing requirements.
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.
First BanCorp. wrapped up what top executives called a “very busy year” with net income of $21.3 million, or $0.10 per diluted share for 2015, compared to $392.3 million, or $1.87 per diluted share, for the year ended Dec. 31, 2014.
The Puerto Rico Bankers Association has called upon the legislature for the prompt approval of the Puerto Rico Electrical Power Authority Revitalization Act, which will enable the public corporation to complete the necessary restructuring process.
Popular Inc. reported net income of $137.4 million and adjusted net income of $98.3 million for the quarter ended Dec. 31, 2015, compared to net income of $85.6 million and an adjusted net income of $93.4 million for the quarter ended Sept. 30, 2015.
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.
Puerto Rico's largest bank is putting its money behind start-ups through an innovative program that is already generating some interest among entrepreneurs.
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.
The decision announced Wednesday by the Federal Reserve System to increase interest rates by 25 basis points “does not represent a significant impact” on Puerto Rico’s economy or for bank customers.
Puerto Rico’s credit unions have shown “solid performance” over the past five years, with an 8 percent growth in assets and membership growth of nearly 10 percent.
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