AM Best Affirms Credit Ratings of Popular Life Re
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Popular Life Re (PLRe) (
The ratings reflect PLRe’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The weak credit profile of ultimate parent,
PLRe’s balance sheet strength is driven by the strongest assessment, as measured by Best’s Capital Adequacy Ratio (BCAR), as well as a high quality and highly marketable investment portfolio, which lends to a strong liquidity position. PLRe remains strategically important to
The company’s limited business profile offsets the favorable rating factors. There has been limited growth of business over the long term, which has been attributed to a series of natural events that include hurricanes and earthquakes, with the COVID-19 pandemic also creating economic strain on the island. With the release of funds earmarked from prior growth initiatives following Hurricane Maria, the economic forecasts lend to a more positive market condition over the extended future periods, and opportunities to grow business for PLRe may follow.
This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in
Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
src="https://cts.businesswire.com/ct/CT?id=bwnewssty=20230426005709r1sid=acqr8distro=nxlang=en" style="width:0;height:0" />
View source version on businesswire.com: https://www.businesswire.com/news/home/20230426005709/en/
Senior Financial Analyst
+1 908 439 2200, ext. 5061
[email protected]
Director
+1 908 439 2200, ext. 5664
[email protected]
Associate Director, Public Relations
+1 908 439 2200, ext. 5159
[email protected]
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
[email protected]
Source: AM Best
Assurant and Updater Sign Strategic Partnership to Simplify Move-Ins for Property Management Companies and Renters
B2B2C Insurance Market Giants Spending Is Going To Boom with AXA, Prudential, Munich Re Group
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News