Major Rating Factors:
Weak overall results on stability tests (2.1 on a scale of 0 to 10) including weak risk diversification, negative cash flow from operations for 2024 and fair risk adjusted capital in prior years. Fair reserve development (3.6) as reserves have generally been sufficient to cover claims. Good overall profitability index (6.4) despite operating losses during 2023 and the first three months of 2025. Return on equity has been fair, averaging 9.6% over the past five years.
Other Rating Factors:
Strong long-term capitalization index (8.0) based on excellent current risk adjusted capital (severe and moderate loss scenarios) reflecting significant improvement over results in 2023. Superior liquidity (9.2) with ample operational cash flow and liquid investments.
Stability Factors:
D - Limited diversification of general business, policy, and/or investment risk.
F - Negative cash flow.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Fin guar/surety (100.0%)
Licensed in:
(No states)
Principal Investments:
Investment grade bonds (43.8%), common stock (18.9%), preferred stock (15.6%), cash (5.8%), other (15.9%)
Corporate Info
Group Affiliation
None
Investment Rating
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Company Address
Tetuan Street 206
San Juan, PR 00901
San Juan, PR 00901
Phone Number
(787) 723-2868
NAIC Number
10009
Website
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Largest Affiliates
No affiliate information available.