A.M. Best raises grade to A (Excellent) of financial strength of the Cooperativa de Seguros Múltiples

The “mejora” from A- to A reaffirmed the financial strength and the consistent unemployment of the “cooperative”.

San Juan – The Cooperativa de Seguros Múltiples of Puerto Rico (CSM) announced Wednesday that the international rating agency A.M. Best raised its rating of financial strength from an A- (Excellent) to A (Excellent), with a stable perspective, a recognition that reaffirms the cooperative’s soundness, operational stability, and the ability to achieve its obligations with the policyholders.

“This upgrade in our rating from A.M. Best is a validation of our responsible work that we accomplish every day to protect our policyholders and serve Puerto Rico. It is the result of a strategy focused on strengthening our financial position, responsibly manage the risks and continue to offer an excellent service. This evaluation confirms that we count of the necessary soundnesses, stabilities and abilities to respond when our policyholders need us the most, ” said Yamil J. García Díaz, president of the Cooperativa de Seguros Múltiples.

The new rating reaffirms a CSM within the category of insurers with an excellent ability to achieve its continuous financial commitments and obligations with its policyholders, according to the established criteria by A.M. Best. This rating represents one of the highest levels of evaluation within the insurer industry and it recognizes the financial strength of the cooperative, its solid capitalization, consistent results and prudent risk management.

A.M. Best emphasized, as well, the positive performance that CSM has maintained during the last years, driven by subscription initiatives, funding management and strengthening their risk management practices . The agency also recognized the positive development in their reserves, the soundness of their financial results and the improvements that have been made to their program of reinsurance to strengthen the protection before severe atmospheric events.

This important achievement adds to the recent revalidation of rating A of Demotech another recognized agency specialized in the evaluation of insurers, strengthening even more the position of CSM within the most sound and trusted financial institutions of the market.

“As a Puerto Rican cooperative, this achievement also shows that the cooperativeness is an economic model, sustainable and resilient, capable of successfully competing in the most demanding markets while maintaining as a priority the people’s and communities’ well being. This recognition propels us to continue strengthening our institution and our commitment to the country.” Added García Díaz.

The rating of the financial strength of A.M. Best constitutes an independent opinion of the ability of an insurer to accomplish its contractual obligations and respond to its insurers. For the consumers, this type of evaluation represents an important indicator about the stability and solvency of the institution that backs is policies.

With more than six decades of service, the Cooperativa de Seguros Múltiples has maintained a firm commitment to Puerto Rico and to the families that place their trust in the institution. Their sustained growth, combined with responsible financial management, has allowed the continuous strengthening of their position in the local insurance industry.

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About the Cooperativa de Seguros Múltiples of Puerto Rico

For more than six decades, the Cooperative of Seguros Múltiples has provided innovative and accessible solutions to protect Puerto Rican families and communities. As a cooperative Puerto Rican company, leader in insurers of property and contingency, CSM works under the principles of the cooperativeness to promote the economic, social and educational development of the country. With eight branches and more than twenty offices of exclusive authorized representatives in all of the island, reaffirms their commitment with the collective wellbeing through their Programas Sociales (Social Programs), designed tu support communities promoting the cultural, educational, and social growth and development of Puerto Rico.