July 2, 2024 Newswires

AM Best Places Credit Ratings of Physicians Health Plan of Northern Indiana, Inc. Under Review With Positive Implications

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has placed under review with positive implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Physicians Health Plan of Northern Indiana, Inc. (PHP) (Fort Wayne, IN).

This Credit Rating (rating) action follows the announcement of Priority Health’s intention to enter into an agreement to acquire PHP. The under review with positive implications status reflects the expected additional financial flexibility and access to other accident and health lines of business that PHP will receive from joining Priority Health. Priority Health is a Grand-Rapids, MI-based health plan owned by Corewell Health, a non-profit healthcare system.

The transaction is anticipated to close in late 2024. The ratings will remain under review with positive implications pending completion of the acquisition, and until AM Best can complete its assessment of PHP’s post-acquisition rating fundamentals.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.