Best’s News & Research Service - March 11, 2015 09:47 AM (EDT)
A.M. Best Comments on Ratings of Antilles Insurance Company
Oldwick //BestWire// - A.M. Best has commented that the financial strength rating (FSR) of A (Excellent) and the issuer credit rating (ICR) of "a+" of Antilles Insurance Company (Antilles) (San Juan, Puerto Rico) remain unchanged following the recently announced transaction in which Antilles' parent company, Anglo Puerto Rican Insurance Corporation (Anglo), has entered into an asset purchase and sale agreement with Doral Insurance Agency, LLC. (Doral Insurance), a wholly-owned subsidiary of Doral Financial Corp. (Doral Financial) [NYSE: DRL] [OTC: DORLN]. Under the terms of the agreement, Doral Insurance will sell certain assets related to its personal insurance portfolio, which includes personal dwelling and flood, to Anglo. Based on discussions with management, it is A.M. Best's understanding that the carriers currently writing this business on behalf of Doral Insurance will continue to write this business for Anglo, post transaction close.
Although the transaction is subject to regulatory approval, management anticipates that closing could occur during the late second quarter in 2015.
On March 27, 2014, A.M. Best affirmed the FSR of A (Excellent) and the ICR of "a+" of Antilles while maintaining the stable outlook assigned to each rating.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
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