Best’s News & Research Service - March 03, 2023 02:24 PM (EST)
AM Best Places Credit Ratings of One Alliance Insurance Corporation Under Review With Negative Implications
- March 03, 2023 02:24 PM (EST)
Oldwick //BestWire// - AM Best has placed under review with negative implications the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) of One Alliance Insurance Corporation (One Alliance) (San Juan, Puerto Rico).
The Credit Rating (ratings) have been placed under review with negative implications due to uncertainty surrounding One Alliance’s balance sheet strength and capital management strategies. In addition, there is significant uncertainty regarding the reinsurance program placement and its impact to the balance sheet strength assessment. Given the small size of the company’s surplus level, any fluctuation in capital may materially affect risk-adjusted capitalization. The ratings will remain under review until AM Best can fully analyze the impact of these actions.
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, Best’s Performance Assessments, Best’s Preliminary Credit Assessments 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.