The rating agency cited stronger underwriting performance, improved risk management and enhanced reinsurance protection.
AM Best has upgraded the Financial Strength Rating of Cooperativa de Seguros Múltiples de Puerto Rico from A- (Excellent) to A (Excellent) with a stable outlook, reinforcing the insurer’s position among companies with an excellent ability to meet their financial obligations and policyholder claims.
The upgrade reflects the cooperative’s improved operating performance over recent years, driven by stronger underwriting results, expense management initiatives and enhanced enterprise risk management practices, according to AM Best.
The rating agency also highlighted favorable reserve development, solid financial results and improvements to the company’s reinsurance program, which strengthens its protection against severe weather-related losses.
“This upgrade from AM Best validates the responsible work we carry out every day to protect our policyholders and serve Puerto Rico,” said Yamil García Díaz, president of Cooperativa de Seguros Múltiples, in a written statement. “It reflects a strategy focused on strengthening our financial position, managing risk responsibly and continuing to deliver excellent service.”
The new rating follows the cooperative’s recent reaffirmation of its A financial stability rating from Demotech, another agency specializing in the evaluation of insurance companies.
García Díaz said the recognition also underscores the strength of Puerto Rico’s cooperative business model.
“As a Puerto Rican cooperative, this achievement demonstrates that the cooperative model is resilient, sustainable and capable of competing successfully in demanding markets while maintaining the well-being of people and communities as its priority,” he said.
A Financial Strength Rating represents an independent opinion of an insurer’s ability to meet its ongoing contractual obligations to policyholders.
Cooperativa de Seguros Múltiples has operated in Puerto Rico for more than six decades.
