A.M. Best Places Credit Ratings of Cooperativa de Seguros de Vida de Puerto Rico Under Review With Negative Implications

OLDWICK, N.J.--()--A.M. Best has placed under review with negative implications the Financial Strength Rating of C+ (Marginal) and the Long-Term Issuer Credit Rating of “b-” of Cooperativa de Seguros de Vida de Puerto Rico (COSVI) (San Juan, Puerto Rico).

The under review status with negative implications reflects A.M. Best continuing concerns about COSVI’s exposure to Puerto Rico bonds and the volatility this represents to COSVI’s capital and surplus. A.M. Best also is concerned about a potential decline in either absolute or risk-adjusted capital at year-end 2017 once the company’s annual statement is filed. The ratings will remain under review until A.M. Best has received COSVI’s 2017 annual statement and conducted conversations with the company’s management team regarding the results contained in the filing.

This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Sally Rosen, +1 908-439-2200, ext. 5280
Senior Director
sally.rosen@ambest.com
or
Christopher Sharkey, +1 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
David Mitchell, +1 908-439-2200, ext. 5556
Senior Financial Analyst
david.mitchell@ambest.com
or
Jim Peavy, +1 908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best
Sally Rosen, +1 908-439-2200, ext. 5280
Senior Director
sally.rosen@ambest.com
or
Christopher Sharkey, +1 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
David Mitchell, +1 908-439-2200, ext. 5556
Senior Financial Analyst
david.mitchell@ambest.com
or
Jim Peavy, +1 908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com