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A.M. Best Places Credit Ratings of One Alliance Insurance Corporation Under Review With Negative Implications

A.M. Best has placed under review with negative implications the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of "bbb-" of One Alliance Insurance Corp. (One Alliance) (San Juan, Puerto Rico).

The Credit Rating (rating) actions are driven by the uncertainty surrounding a previously planned capital contribution. In addition, the level of transparency regarding the reasoning for the delay adds to A.M. Best's concerns regarding ownership's willingness to support future anticipated growth. While One Alliance currently has adequate risk-adjusted capitalization for the rating level, the anticipated capital contribution was in support of significant planned growth in future years. The ratings will remain under review pending the execution of the capital contribution, currently expected to be completed on or before March 30, 2018, as well as A.M. Best's analytical review of the business plan. As indicated by the negative implications, in the absence of additional capital and/or a revised business plan, the ratings likely will be downgraded.

Source: A.M. Best Ratings Services, Inc. Used under license.