trending Market Intelligence /marketintelligence/en/news-insights/trending/01GDQf4P_XzOkzj5byGYcw2 content esgSubNav
In This List

Universal Group to acquire certain assets of insolvent Puerto Rico insurer

Blog

Insurance Underwriting Transformed How Insurers Can Harness Probability of Default Models for Smarter Credit Decisions

Blog

The Worlds Largest Life Insurers, 2023

Blog

The World's Largest P&C Insurers, 2023

Blog

Essential IR Insights Newsletter Fall - 2023


Universal Group to acquire certain assets of insolvent Puerto Rico insurer

Universal Group Inc. has been authorized to acquire certain assets from Real Legacy Assurance Co. Inc., an insolvent property and casualty insurer headquartered in Guaynabo, Puerto Rico, El Nuevo Dia reported Nov. 16.

The transaction does not include Real Legacy's assets in the U.S. and British Virgin Islands. Universal Group, which is also domiciled in Guaynabo, agreed to hire roughly half of Real Legacy's staff.

The Puerto Rico Insurance Commissioner's Office took control of Real Legacy after it received a rehabilitation order from the Court of First Instance in September. Real Legacy's policyholders' surplus dropped to a negative $41.9 million from $38.4 million in six months after the company incurred significant claims from Hurricanes Maria and Irma in 2017.