A.M. Best upgrades Atlantic Southern Insurance Co.
April 10, 2014
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.
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28K Puerto Rico residents enroll in ‘Obamacare’ plans
April 4, 2014
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.
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Popular throwing its support behind real estate brokers
April 4, 2014
It’s no secret that Puerto Rico’s real estate sector has taken a beating in recent years due to the economic woes the island has been facing for the better part of the past decade. Property sales have stagnated and values have dropped in certain categories, affecting banks and brokers alike.
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FirstBank Puerto Rico top execs get significant pay raises
April 3, 2014
Several high-ranking FirstBank executives are getting significant pay raises this year, through a combination of cash and stock, according to a filing submitted to the Securities and Exchange Commission this week.
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North America represents 10% of MAPFRE’s business
March 27, 2014
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.
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Doral migrating assets to U.S. to reduce local exposure
March 25, 2014
Upon wrapping up what company officials called “a difficult year,” Doral Financial Corp. is looking to reduce its exposure to Puerto Rico’s economic problems by migrating its assets to its U.S. mainland business, company CEO Glen Wakeman said during a Monday afternoon earnings conference call.
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Puerto Rican banking veteran González to head FHLBNY
March 21, 2014
The Federal Home Loan Bank of New York announced Thursday that José R. González has been named president and chief executive officer of the FHLBNY effective April 1, 2014.
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Carrión: P.R. ‘at threshold of 2nd economic transformation’
March 20, 2014
Puerto Rico is at the threshold of a second economic transformation — from an industrial to a knowledge-based and services economy — and has the necessary infrastructure to pull out of its current crisis and build a “stronger and more vibrant economy.
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Insurance Chief: End of ‘Obamacare’ enrollment nears
March 14, 2014
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.
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EVERTEC launches ‘ATH Móvil’ mobile money transfers
February 19, 2014
EVERTEC Inc. and Red ATH, which run the island’s ATMs, announced Tuesday the launching of “ATH Móvil,” a service that enables electronic money transfers between individuals and accounts held by different banking institutions, through mobile phones.
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Downgrade to have limited impact on Puerto Rico co-ops
February 17, 2014
Puerto Rico’s co-op sector is expected to experience a “reduced impact” as a result of last week’s triple downgrade of Puerto Rico’s credit to junk by U.S. ratings agencies.
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Banks run special hours for Washington’s Birthday
February 17, 2014
Puerto Rico banks will be operating on a special schedule today in observance of the Washington’s Birthday holiday. Following are the schedules for the major banks.
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Moody’s puts 3 Puerto Rican banks under ratings review
February 12, 2014
Several days after downgrading Puerto Rico's general obligation bond rating to Ba2, or junk, Moody's Investors Service placed on review for downgrade certain ratings of three local banks: Banco Santander Puerto Rico, Popular Inc. and FirstBank Puerto Rico.
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Oriental Bank starts 50th year with strong balance sheet
February 5, 2014
Oriental Bank kicked off the start of its 50th anniversary celebration Tuesday by highlighting its strong financial performance, its track record of bringing innovative financial services to Puerto Rico, and its heritage helping build strong communities.
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Oriental reports $85M in ’13 income, $16.6M for 4Q13
February 4, 2014
Oriental Financial Group reported Monday income available to common shareholders amounted to $16.6 million, or $0.35 per share diluted for the fourth quarter of 2013.
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