A.M. Best Removes from Under Review and Downgrades Ratings of Universal American Corp. and Its Subsidiaries
By a
Furthermore,
The rating actions follow
The ICR downgrade of
In addition, consolidated premium revenues are lower than historic levels due to the recent sale of operations. Additionally, the company's business is now heavily concentrated in
The rating downgrades of American Progressive reflect the business concentration in MA and a decline in earnings. While earnings are expected to improve in 2016 after losses in 2015, the level of net income is projected to be lower than historical levels.
The rating downgrades for SelectCare primarily reflect the continued lower level of risk-adjusted capital level. Whiles operating earnings have remained favorable, SelectCare's capital has been negatively impacted by dividends to the parent which has outpaced net income. Furthermore, as a result of the dividend payments, SelectCare's capital has been declining while premiums have steadily grown. This press release relates to rating(s) that have been published on
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