OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has removed from under review with negative implications
and changed the Financial Strength Rating to a Non-Rating Designation of
E (Under Regulatory Supervision) from C++ (Marginal) and the Long-Term
Issuer Credit Rating to “e” from “b” of INTEGRAND Assurance Company
(INTEGRAND) (San Juan, Puerto Rico), following a recent court decision
that placed the company under regulatory supervision.
INTEGRAND was placed under regulatory supervision (Puerto Rico)
primarily due to the sizable development on Hurricane Maria losses that
exhausted its reinsurance protection. The Hurricane Maria losses
developed significantly in the second half of 2018 and in the first
quarter of 2019. Additionally, the company still has exposure to
disputed reinsurance recoverables, with heightened uncertainty regarding
the ultimate resolution.
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 Understanding
Best’s Credit Ratings. For information on the proper media
use of Best’s Credit Ratings and AM Best press releases, please view Guide
for Media – Proper Use of Best’s Credit Ratings and AM Best Rating
Action Press Releases.
AM Best is a global rating agency and information provider with a
unique focus on the insurance industry. Visit www.ambest.com
for more information.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.
Contacts
Brian O’Larte
Director
+1 908 439 2200, ext.
5138
brian.o’[email protected]
Richard Attanasio
Senior Director
+1 908 439
2200, ext. 5432
[email protected]
Christopher Sharkey
Manager, Public Relations
+1
908 439 2200, ext. 5159
[email protected]
Jim Peavy
Director, Public Relations
+1 908
439 2200, ext. 5644
[email protected]
