AM Best Upgrades Credit Ratings of Cooperativa de Seguros Múltiples de Puerto Rico
- June 23, 2026 10:10 AM (EDT)
//BestWire// - AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent) of Cooperativa de Seguros Múltiples de Puerto Rico (CSM) (San Juan, PR). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.
The ratings reflect CSM’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM).
The upgrading of the ratings reflects the revision of the operating performance assessment to strong from adequate supported by sustained improvement in key operating performance measures, which are in alignment with other rating units assessed as strong. The five-year average pre-tax returns on revenue and equity, as well as the combined and operating ratios, compare favorably with the composite averages and have remained stable over the period. Results have benefited from enhanced underwriting initiatives and risk selection, as well as improved vertical reinsurance protection.
CSM’s balance sheet strength assessment is supported by risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio, conservative investment portfolio, favorable reserve development and solid liquidity measures. The business profile reflects CSM’s geographic concentration of risk as it only underwrites business in Puerto Rico. The business profile also considers the exposure to weather-related losses and macroeconomic conditions on the island. The ERM reflects CSM’s formalized risk management program that is aligned with the company’s risk profile.
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 Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings (BCR), Best’s Performance Assessments (PA), Best’s Preliminary Credit Assessments (PCA) and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.