As part of a strategy to face the government’s current liquidity challenges and continue contributing to the island’s economic development, the Puerto Rico Economic Development Bank announced Monday it will be capping credit lines at $500,000 from the $5 million limit it formerly offered.
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.
A broad group of public and private-sector representatives from Puerto Rico are bearing down on Washington lawmakers this week, when a draft of the bill proposing an oversight board for the island is expected to be released and discussed during a hearing Wednesday.
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