Press Release - APRIL 04, 2018

A.M. Best Places Credit Ratings of Cooperativa de Seguros de Vida de Puerto Rico Under Review With Negative Implications

 Sally Rosen
Senior Director
+1 908 439 2200, ext. 5280

David Mitchell
Senior Financial Analyst
+1 908 439 2200, ext. 5556

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644


OLDWICK - APRIL 04, 2018
A.M. Best has placed under review with negative implications the Financial Strength Rating of C+ (Marginal) and the Long-Term Issuer Credit Rating of “b-” of Cooperativa de Seguros de Vida de Puerto Rico (COSVI) (San Juan, Puerto Rico).

The under review status with negative implications reflects A.M. Best continuing concerns about COSVI’s exposure to Puerto Rico bonds and the volatility this represents to COSVI’s capital and surplus. A.M. Best also is concerned about a potential decline in either absolute or risk-adjusted capital at year-end 2017 once the company’s annual statement is filed. The ratings will remain under review until A.M. Best has received COSVI’s 2017 annual statement and conducted conversations with the company’s management team regarding the results contained in the filing.

This press release relates to Credit Ratings that have been published on A.M. 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 A.M. 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 A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

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AMB# Company Name
007607 Cooperativa de Seguros de Vida de PR