MCS creates a new life and disability subsidiary in P.R.
January 21, 2016
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.
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Popular’s start-up loan program spurs variety of pitches
January 13, 2016
Puerto Rico's largest bank is putting its money behind start-ups through an innovative program that is already generating some interest among entrepreneurs.
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Gov’t, debt insurers trade barbs over ‘clawback’ lawsuit
January 12, 2016
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.
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Ambac sues Puerto Rico gov’t over ‘illegal’ clawbacks
January 8, 2016
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.
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Fed interest rate hike likely not to impact P.R. economy
December 17, 2015
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.
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P.R. credit unions show ‘solid performance’ in past 5 yrs
December 17, 2015
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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Popular launches program for new entrepreneurs
November 13, 2015
Looking to encourage transformation and creativity during tough economic times, and in celebration of “Entrepreneurship Week,” Banco Popular announced Thursday the launch of the “Popular StartUp” program.
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First BanCorp earns $14.8M in third quarter ’15
October 27, 2015
First BanCorp., parent company of FirstBank Puerto Rico, on Monday reported net income of $14.8 million for the third quarter of 2015, or $0.07 per diluted share, compared to a net loss of $34.1 million, or $0.16 per diluted share, for the second quarter of 2015 and net income of $23.2 million, or $0.11 per diluted share, for the third quarter of 2014.
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Popular, Oriental reduce exposure to government risk
October 26, 2015
Puerto Rico’s two largest banks — Banco Popular and Oriental — confirmed separately on Friday that they’re working to reduce their exposure to risk associated with the island’s government, which they have financed in different capacities over the years.
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FINRA slaps Santander Securities LLC with $6.4M fine
October 14, 2015
The Financial Industry Regulatory Authority (FINRA) announced Tuesday it ordered Santander Securities LLC to pay some $4.3 million in restitution to certain customers who were solicited to purchase Puerto Rican Municipal Bonds, or PRMBs.
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A.M. Best: P.R.’s insurance sector hit by debt crisis
August 11, 2015
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.
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Investment analyst trade group inducts 2 P.R. members
August 7, 2015
The Chartered Alternative Investment Analyst Association inducted its first two members from Puerto Rico this week during an event led by the organization’s CEO, William Kelly.
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First BanCorp reports $34.1M loss in 2Q15
July 30, 2015
First BanCorp, the bank holding company for FirstBank Puerto Rico reported Wednesday a net loss of $34.1 million for the second quarter of 2015, or $0.16 per diluted share, compared to net income of $25.6 million, or $0.12 per diluted share, for the first quarter of 2015 and net income of $21.2 million, or $0.11 per diluted share, for the second quarter of 2014.
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Banking exec: Gov’t must act with ‘conviction, urgency’
July 27, 2015
The Puerto Rico central government is facing pressure to “act with more conviction and with more urgency” to address its dwindling liquidity, crushing debt and anxiety building up over the island’s fiscal problems.
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Bond insurers get ‘Stable’ outlook despite P.R. exposure
July 7, 2015
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.
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