A.M. Best Affirms Ratings of Popular Life Re.OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating of B++ (Good) and the issuer credit rating of "bbb" of Popular Life Re (San Juan, Puerto Rico San Juan (IPA: [saŋ hwaŋ]) (from the Spanish San Juan Bautista, "Saint John the Baptist") is the capital and largest municipality on Puerto Rico. ) [NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BPOP BPOP Popular, Inc. (stock symbol) BPOP Boulder Point Of Presence BPOP Business Process Outsourcing Programme ]. The outlook for both ratings is stable. Popular Life Re is a life reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. start-up company start-up company A new business. , which commenced operations in March 2004. The company is a subsidiary of Popular, Inc., a financial holding company. Banco Popular de Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. , the largest commercial bank in Puerto Rico, also is an affiliate of Popular, Inc. Other affiliated entities include Banco Popular, North America; Banco Popular, N.A.; Popular Insurance, Inc. and Popular Insurance USA, Inc. Initially, Popular Life Re reinsured credit policies underwritten by Caribbean American Life Assurance Co. and Caribbean American Property Insurance Co. The operations of Popular Life Re represent an extension of Popular Inc.'s established insurance business, while Popular Inc.'s credit business is sourced to many Puerto Rico and U.S. institutions. Accordingly, A.M. Best believes Popular Life Re is well positioned to expand its credit related reinsurance business, in spite of an uncertain local economy, given the institutional exposure it enjoys through Popular, Inc. Offsetting rating factors include the lack of scale, modest overall operating profile, small amount of capital on an absolute basis and the uncertainties Popular Life Re shares with any start-up surrounding the successful execution of its business plan. For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. For more information, visit www.ambest.com. |
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