PRAICOPuerto Rican American Insurance Company
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Best downgraded the ICRs to "a" from "a+" and affirmed the FSR of A (Excellent) of MAPFRE PRAICO and its affiliates.
The ratings assigned to MPG are based on its consolidated operating results and the financial position of PRAICO, PRICO and PAICO.
The ratings reflect MAPFRE PRAICO Group's excellent capitalization, strong operating performance through solid investment income and profitable underwriting results, and established market presence within Puerto Rico.
Nevertheless, MAPFRE PRAICO Group is one of the top three property writers on the island and continues to develop products and platforms that should benefit future earnings and capital appreciation.
31, the name of the company was changed to MAPFRE PRAICO Insurance Co.
its strong name recognition and provider network in Puerto Rico and the various cross-selling opportunities through MAPFRE PRAICO Group's (San Juan, PR) highly rated property/casualty insurance companies in Puerto Rico.
has upgraded the issuer credit ratings (ICR) to "a+" from "a" and affirmed the financial strength rating of A (Excellent) of MAPFRE PRAICO Group and its group members, which consist of the lead company, MAPFRE PRAICO Insurance Company and its wholly owned subsidiary, MAPFRE Preferred Risk Insurance Company, as well as an affiliate company, MAPFRE Pan American Insurance Company, whose businesses are significantly reinsured by MAPFRE PRAICO Insurance Company.
The ratings of MAPFRE Life reflect its integral position within MAPFRE PRAICO Group (San Juan, Puerto Rico), its enhanced business profile through the expansion of its market position in the group and individual health care businesses, and its improved statutory operating results.