AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Óptima Seguros (Óptima) (San Juan, PR).

The Credit Ratings (ratings) reflect Óptima’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

The positive outlooks reflect the sustained improvement in Óptima’s balance sheet strength metrics as policyholder growth has outpaced premium growth and associated liabilities in recent years. Although Óptima’s net leverage measures remain slightly elevated relative to AM Best’s commercial property composite, these have trended favorably over the last five years. Additionally, Óptima’s balance sheet strength is supported by risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR); this is the result of improved reinsurance purchasing with strong partners that are aligned with the company’s property aggregates, risk tolerance and appetite. Also, additions to policyholder surplus have been reported in each of the last five years with total surplus growth of nearly 155% during this period.

Over the last five years, the company’s combined ratio has consistently outperformed AM Best’s commercial property composite. The loss and loss-adjusted expense ratios have declined each year since 2021, due to derisking initiatives and milder weather on the island. Total underwriting expenses have remained relatively stable over the last five years, although elevated compared to the composite’s average and in line with peers in its local market. On a five-year basis, Optima’s operating performance metrics compare favorably to AM Best’s commercial property composite.

In 2025, net premiums declined due to strong competition in Puerto Rico. The company stuck to strict underwriting guidelines and pricing indications. Strong underwriting performance has been supported by steady investment income. Investment yields have improved over the last five years but fall short of the composite on a five-year average basis.

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