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Cooperativa de Seguros Múltiples sets ambitious goals for 2024

Cooperativa de Seguros Múltiples of Puerto Rico reported “exceptional results” for 2023, surpassing its goal with more than $400 million in underwritten premiums (102.23% of its target) and has set higher objectives for 2024. Its performance, which reflects a sales growth of 6.56%, underscores the Puerto Rican cooperative’s stability and expansion in a competitive market.

In its 60th year, the cooperative also saw substantial growth, surpassing $300 million for the first time, an increase of about $47 million, or 18%, compared to 2022.

Additional achievements include regaining the A- rating from AM Best and retaining the A/Exceptional financial rating from Demotech. These ratings demonstrate the financial solidity and capacity to fulfill insurance obligations, reinforcing trust among policyholders and affiliates.

“2023 was a year of significant progress and solid growth for our cooperative,” said Luis Cordero-Rivera, president of the insurance company. “We look to the future with a broad and ambitious outlook, committed to further strengthening our position in the market and continuing to deliver exceptional service to our policyholders.”

In the Mandatory Liability Insurance (MLI) segment, the cooperative saw sales of more than $46.3 million, increasing its market share to 23.6%. The MLI segment is a crucial component of the company’s product range.

“Our strategic focus for 2024 is on innovation, sustained growth and continuous improvement in the service we offer to our policyholders,” Cordero-Rivera added. “We are determined to expand our presence in the market, continue diversifying our business lines and sustain our position as leaders in the insurance sector in Puerto Rico.”

For 2024, the cooperative has set a sales goal of $424 million and aims to keep its strong 13% market share, in line with its strategy for sustainable growth and market leadership in Puerto Rico’s property and casualty sector.

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