A.M. Best Places Ratings of Highmark Inc. and Its Subsidiaries Under Review With Negative Implications
| Copyright: | Copyright Business Wire 2011 |
| Source: | Business Wire, Inc. |
| Wordcount: | 505 |
The rating actions follow the announcement that Highmark and
The under review status reflects A.M. Best’s concerns regarding Highmark’s affiliation with WPAHS. A.M. Best needs to meet with Highmark to gain a better working knowledge of the proposed new organization structure and the debt at WPAHS. A.M. Best has concerns with the integration and the financial viability of WPAHS, its large outstanding debt as well as WPAHS’ troubled financial past. The ratings will remain under review pending A.M. Best’s discussions with management, as well as the completion of the transaction, which is expected in 2012, subject to regulatory approval.
The FSR of A (Excellent) and ICR of “a” have been placed under review with negative implications for
Highmark West Virginia Inc. </b>Keystone Health Plan West, Inc.
The FSR of A- (Excellent) and ICR of “a-” have been placed under review with negative implications for the following life, property/casualty and dental subsidiaries of
HM Life Insurance Company HM Life Insurance Company of New York Highmark Casualty Insurance Company HM Casualty Insurance Company United Concordia Companies, Inc. United Concordia Life and Health Insurance Company United Concordia Insurance Company United Concordia Insurance Company of New York United Concordia Dental Plans of California, Inc. United Concordia Dental Plans of Pennsylvania, Inc. United Concordia Dental Plans, Inc.
The following debt ratings have been placed under review with negative implications:
-- “a-”
-- “a-”
-- “a-”
The principal methodology used in determining these ratings is Best’s Credit Rating Methodology -- Global Life and Non-Life Insurance Edition, which provides a comprehensive explanation of A.M. Best’s rating process and highlights the different rating criteria employed. Additional key criteria utilized include: “A.M. Best’s Ratings & the Treatment of Debt” and “Rating Health Insurance Companies.” Methodologies can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2011 by A.M. Best Company, Inc.ALL RIGHTS RESERVED.
Bridget Maehr—L/H
Senior Financial Analyst
908-439-2200, ext. 5321
[email protected]
or
W. Dolson Smith—P/C
Senior Financial Analyst
908-439-2200, ext. 5379
[email protected]
or
908-439-2200, ext. 5445
[email protected]
or
908-439-2200, ext. 5644
[email protected]
Source:
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