CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK - JUNE 05, 2019 02:55 PM (EDT)
AM Best has removed from under review with negative implications and changed the Financial Strength Rating to a Non-Rating Designation of E (Under Regulatory Supervision) from C++ (Marginal) and the Long-Term Issuer Credit Rating to “e” from “b” of INTEGRAND Assurance Company (INTEGRAND) (San Juan, Puerto Rico), following a recent court decision that placed the company under regulatory supervision.
INTEGRAND was placed under regulatory supervision (Puerto Rico) primarily due to the sizable development on Hurricane Maria losses that exhausted its reinsurance protection. The Hurricane Maria losses developed significantly in the second half of 2018 and in the first quarter of 2019. Additionally, the company still has exposure to disputed reinsurance recoverables, with heightened uncertainty regarding the ultimate resolution.
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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry.