AM Best Places Credit Ratings of Triple-S Propiedad, Inc. Under Review With Positive Implications
AM Best has placed under review with positive implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" (Good) of Triple-S Propiedad, Inc. (TSP) (Guaynabo, PR).
This Credit Rating action follows GuideWell Mutual Holding Corporation's (GuideWell) explicit commitment to support TSP with a capital contribution, loss portfolio transfer (LPT) and legal support after TSP reported significant adverse reserve development from Hurricane Maria claims for the third quarter of 2023. The under review with positive implications status is due to improved clarity surrounding TSP's strategic importance to GuideWell's business in Puerto Rico.
The ratings will remain under review with positive implications pending the execution of the LPT and until AM Best can complete the assessment of the impact of these changes to TSP.
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 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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