A.M. Best Affirms Ratings of Triple-S Propiedad, Inc.

• Press Release
• Source: A.M. Best Co.
• On 9:29 am EDT, Tuesday September 15, 2009

OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best Co. affirmed the financial strength rating (FSR) of A- (Excellent) and issuer credit rating (ICR) of “a-” of Triple-S Propiedad, Inc. (TSP) (San Juan, PR). The outlook for both ratings is stable.

Related Quotes

Symbol	Price	Change
GTS	16.65	-0.07

{"s" : "gts","k" : "c10,l10,p20,t10","o" : "","j" : ""}

The ratings reflect TSP’s excellent capitalization, solid operating profitability and well established market presence within Puerto Rico. The company continues to report favorable operating results driven by increasing levels of investment income and profitable underwriting results. Additionally, TSP benefits from the strong brand name recognition of its sister company, Triple-S Salud, Inc. (TSS), which has the largest share of managed care companies within Puerto Rico.

Partially offsetting these positive rating factors are TSP’s geographic concentration of risk, competitive operating environment in which it operates and above average underwriting expense ratio. With all business written in Puerto Rico, the company remains exposed to frequent and severe weather-related events, as well as judicial and regulatory concerns.

On June 24, 2009, A.M. Best affirmed the FSRs of B++ (Good) and ICRs of “bbb+” of TSS and Triple-S Vida, Inc., as well as the ICR of “bb+” of the holding company, Triple-S Management Corporation (TSM) (NYSE: GTS - News). The outlook for all ratings is stable. All companies are domiciled in San Juan, PR.

For Best’s Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.

The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.

A.M. Best Co.
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Gordon McLean, 908-439-2200, ext. 5304
gordon.mclean@ambest.com
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Michelle Baurkot, 908-439-2200, ext. 5507
michelle.baurkot@ambest.com
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Jim Peavy, 908-439-2200, ext. 5644
james.peavy@ambest.com
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Rachelle Morrow, 908-439-2200, ext. 5378
rachelle.morrow@ambest.com