A.M. Best Upgrades Ratings of Popular Life Re

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best has upgraded the financial strength rating to B++ (Good) from B+ (Good) and the issuer credit rating to “bbb” from “bbb-” of Popular Life Re (PLRE) (Puerto Rico). PLRE is a life insurance subsidiary of its ultimate parent, Popular Inc. [NASDAQ:BPOP], a publicly traded bank holding company based in Puerto Rico. The outlook for the ratings has been revised to stable from positive.

The ratings upgrade reflects PLRE’s stable statutory income, history of capital generation from the insurance operations and modest premium growth. During the past year, the company has been able to maintain strong risk-based capital levels while demonstrating the ability to pay dividends to the parent. While premium volumes continue to show modest improvements, the company’s premium growth potential is highly correlated to Puerto Rico’s economy.

A.M. Best considers PLRE to be an important subsidiary of Popular Inc. PLRE reinsures a portion of credit policies on consumer loans originated at Banco Popular de Puerto Rico, as well as personal accident and health policies underwritten by unaffiliated insurers.

This press release relates to rating(s) 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 visit A.M. Best’s Ratings & Criteria Center.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

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A.M. Best Company
Anthony McSwieney
Senior Financial Analyst
(908) 439-2200, ext. 5715
[email protected]
or
William Pargeans
Assistant Vice President
(908) 439-2200, ext. 5359
[email protected]
or
Christopher Sharkey
Manager, Public Relations
(908) 439-2200, ext. 5159
[email protected]
or
Jim Peavy
Assistant Vice President, Public Relations
(908) 439-2200, ext. 5644
[email protected]

Source: A.M. Best Company

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