Puerto Rico News

Beryl, Season’s First Hurricane, Weakens; Caribbean Islands, Puerto Rico Face Uncertainty

Tropical Storm Beryl moved rapidly westward early Sunday, heading for the Lesser Antilles at the eastern entrance of the Caribbean Sea. Although what had been the Atlantic season’s first hurricane was losing power, residents on islands hit hard by storms …

Aspen Insurance Acquires Puerto Rico Marine MGA, Blue Waters Insurers

Bermuda-based Aspen Insurance, the insurance segment of Aspen Insurance Holdings, announced it has acquired Blue Waters Insurers Corp. Blue Waters, which is headquartered in San Juan, Puerto Rico, is a specialist marine managing general agency. The company was founded in …

Hub International Expands in Caribbean with Puerto Rico Broker Buy

Chicago-based Hub International Limited announced that it has entered into a definitive agreement to acquire Carrión, Laffitte & Casellas, Inc. (CLC), a full service insurance brokerage firm headquartered in San Juan, Puerto Rico. The announcement said the “acquisition represents the …

Best Upgrades QBE Optima’s Ratings to ‘A-‘; Outlook Stable

A.M. Best Co. has upgraded the financial strength rating to ‘A-‘ (Excellent) from ‘B++’ (Good) and issuer credit rating to “a-” from “bbb” of QBE Optima Insurance Company, which is based in San Juan, Puerto Rico, and was formerly known …

Best Affirms MAPFRE PRAICO FSR Ratings; Downgrades ICR; Outlook Negative

As Best announced in conjunction with these current rating actions, they follow a series of actions taken last December to address the implications for euro zone insurers. Generally it changed the outlook on the ratings, including MAPFRE PRAICO, to negative …

QBE to Acquire Puerto Rico-based Optima Insurance Group

The QBE Insurance Group announced that it has agreed to acquire Optima Insurance Group, an underwriting group in Puerto Rico that posted an estimated $100 million in gross written premium in 2011. QBE said the “transaction includes Colonial Insurance Agency, …

Best Places MAPFRE PRAICO Group’s Ratings on Review/Negative

A.M. Best Co. has placed under review with negative implications the financial strength rating of ‘A’ (Excellent) and issuer credit ratings of “a+” of MAPFRE PRAICO Group (MPG) and its members, which include MAPFRE PRAICO Insurance Company (PRAICO), its wholly …

Hurricane Irene Seen Skirting Florida, Possibly Landing in Carolinas

Hurricane Irene was expected to strengthen over the next few days and could hit the southeastern United States as a large and powerful storm late in the week, forecasters said Tuesday. The U.S. National Hurricane Center’s forecast indicated Irene, now …

Hurricane Irene Soaks Puerto Rico, Could Hit Florida By Week’s End

Hurricane Irene buffeted Puerto Rico with winds and torrential rain Monday, knocking out power and downing trees as it churned westward on a track that will threaten Florida by the end of the week. Local media in the U.S. Caribbean …

Hurricane Irene – 1st of the Season – Could Hit Miami

Tropical Storm Irene strengthened into a hurricane as it came ashore over Puerto Rico, reaching category 1, according to the most recent bulletin, released at 5:00 AM AST, from the National Hurricane Center in Miami. The center of Hurricane Irene …