AM Best Revises Outlooks to Positive for One Alliance Insurance Corporation
May 01 2024 - 10:22AM
Business Wire
AM Best has revised the outlook to positive from stable
for the Financial Strength Rating (FSR) and revised the outlook to
positive from negative for the Long-Term Issuer Credit Rating
(Long-Term ICR) and affirmed the FSR of B (Fair) and the Long-Term
ICR of “bb+” (Fair) of One Alliance Insurance Corporation (One
Alliance) (San Juan, Puerto Rico).
The Credit Ratings (ratings) reflect One Alliance’s balance
sheet strength, which AM Best assesses as adequate, as well as its
marginal operating performance, limited business profile and
marginal enterprise risk management.
The positive outlooks reflect the improvement in the company’s
operating performance metrics over the past five years. Management
has been able to execute on its strategy, despite being a
relatively new company in a mature and highly competitive market.
One Alliance’s underwriting profitability has been achieved in each
of the past three years as it reached some scalability following
significant growth reported prior to 2022, in the initial phase of
its operations. Continued profitable growth continues to depend on
management’s ability to achieve its targets and manage its existing
agency and banking relationships to this end. AM Best expects
continued favorable trends over the near to intermediate term,
which could result in a rating upgrade.
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 Guide to Best's Credit
Ratings. For information on the proper use of Best’s Credit
Ratings, Best’s Performance Assessments, Best’s Preliminary Credit
Assessments and AM Best press releases, please view Guide to
Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
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Janet Hernandez Senior Financial Analyst +1 908
882 1890 janet.hernandez.@ambest.com
Joseph Burtone Director +1 908 882 1678
joseph.burtone@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 882 2310
christopher.sharkey@ambest.com
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908 882 2318 al.slavin@ambest.com