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A.M. Best Places Credit Ratings of Triple-S Propiedad, Inc. Under Review with Negative Implications


A.M. Best has placed under review with negative implications the
Financial Strength Rating of A- (Excellent) and the Long-Term Issuer
Credit Rating of "a-" of Triple-S Propiedad, Inc. (Guaynabo,
Puerto Rico).

The Credit Rating (rating) action follows the company's recently
announced significant decline in policyholder surplus. The decline was
driven by adverse development on losses from Hurricane Maria of
approximately $76.4 million ($47.5 million after-tax). As a result of
the increased losses, claims from Hurricane Maria subsequently exceeded
the company's available reinsurance protection. The magnitude of the
additional losses relative to amounts previously disclosed to A.M. Best
earlier this year drives further uncertainty regarding the effectiveness
of the company's enterprise risk management program. While the company
has a number of initiatives under consideration to bolster capital,
including support from the parent company, Triple-S Management
, the ultimate adequacy of these initiatives is
uncertain. Accordingly, the ratings will remain under review pending
A.M. Best's analysis of the company's business plans.

This press release relates to Credit Ratings 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 see A.M. Best's
Rating Activity
web page. For additional information
regarding the use and limitations of Credit Rating opinions, please view
Best's Credit Ratings
. For information on the proper media
use of Best's Credit Ratings and A.M. Best press releases, please view
for Media - Proper Use of Best's Credit Ratings and A.M. Best Rating
Action Press Releases

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