Major Rating Factors:
Weak profitability index (0.9 on a scale of 0 to 10) with operating losses during 2021 and 2022. Weak overall results on stability tests (2.2) based on a significant -18% decrease in enrollment during the period, an inordinate decline in premium revenue in 2022 and poor risk diversification due to the size of the company's affiliate group. Rating is influenced by the weak financial results of Ryder Health Plan Inc. Weak liquidity (0.0) as a spike in claims may stretch capacity.
Other Rating Factors:
Fair capitalization index (3.3) based on weak current risk-adjusted capital (severe loss scenario) as results have slipped from the excellent range over the last two years. Excellent quality investment portfolio (9.8) containing small junk bond exposure.
Principal Lines of Business:
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Licensed in:
PR
Principal Enrollment Breakdown:
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Corporate Info
Group Affiliation
None
Investment Rating
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Company Address
353 Font Martelo Avenue
Humacao, PR 00791
Humacao, PR 00791
Phone Number
(787) 852-0846
NAIC Number
95743
Website
Largest Affiliates
No affiliate information available.