Óptima Seguros gets credit ratings upgrade from AM Best
The Puerto Rico-based insurer is now rated A- for financial strength and “a-” for long-term credit.
AM Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to “a-” (Excellent) from “bbb+” (Good) of San Juan-based Óptima Seguros. The outlook of these Credit Ratings (ratings) is stable.
“The ratings reflect Óptima’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management,” AM Best stated in a press release.
The rating upgrades reflect a revision of Óptima’s operating performance assessment to strong from adequate, the ratings agency stated.
“The company has produced operating performance metrics that outperform AM Best’s commercial property composite average, which is the result of management’s underwriting discipline, derisking efforts, the shifting of its portfolio to smaller accounts and favorable weather conditions over the past five years,” it stated.
Results have also benefited from modest, although improved, investment earnings. These favorable trends have resulted in a considerable increase to policyholder surplus growth in recent years, improving leverage measures and supporting premium growth.
“We feel immense pride in this distinction. This rating reaffirms the strength and commitment that characterize Óptima Seguros,” said Ramon A. “Tony” Pérez, president of Óptima Seguros.
“I gratefully acknowledge the work of our entire team, in every department, because this achievement is the result of the joint efforts of those who, directly or indirectly, contribute to strengthening our operations and serving our policyholders with excellence,” he said.
Óptima Seguros is a property and casualty insurer established and licensed to operate in Puerto Rico in 2004.
