AM Best Revises Outlooks to Positive for One Alliance Insurance Corporation

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has revised the outlook to positive from stable for the Financial Strength Rating (FSR) and revised the outlook to positive from negative for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the FSR of B (Fair) and the Long-Term ICR of “bb+” (Fair) of One Alliance Insurance Corporation (One Alliance) (San Juan, Puerto Rico).

The Credit Ratings (ratings) reflect One Alliance’s balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and marginal enterprise risk management.

The positive outlooks reflect the improvement in the company’s operating performance metrics over the past five years. Management has been able to execute on its strategy, despite being a relatively new company in a mature and highly competitive market. One Alliance’s underwriting profitability has been achieved in each of the past three years as it reached some scalability following significant growth reported prior to 2022, in the initial phase of its operations. Continued profitable growth continues to depend on management’s ability to achieve its targets and manage its existing agency and banking relationships to this end. AM Best expects continued favorable trends over the near to intermediate term, which could result in a rating upgrade.

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AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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