WASHINGTON - Senator John Hoeven issued the following statement after the U.S. Senate ended debate on health care reform legislation:

"Obamacare is harming individuals and families in North Dakota and across the nation who are seeing fewer health insurance options and rising costs. Since 2013, premiums have more than doubled in the U.S. and continue to rise with some areas of the country left with one or no insurers. In fact, North Dakota will see large premium increases this fall because of Obamacare. That's why we have been working to try to reform our health care system.

"I voted for legislation to move forward the health care reform process. The bills would have ended the individual and employer mandates and helped restore Americans' ability to choose their health care coverage. At the same time, they would have provided states with greater flexibility to innovate free from mandates imposed by Washington."

The Health Care Freedom Act would have:

* Repealed the individual mandate

* Repealed the employer mandate for eight years

* Repealed the costly medical device tax for three years

* Increased the contribution limit for health savings accounts

* Provided greater flexibility to the States through the 1332 waiver process

* Defunded Planned Parenthood for one year and increased funding to Community Health Centers by $422 million

* Continued to fund Medicaid expansion and did not impact traditional Medicaid

"Also, it is important to understand how the Congressional Budget Office (CBO) score works. The CBO score indicated that up to 16 million more people would be uninsured under the Health Care Freedom Act. This CBO estimate results from repeal of the mandates, meaning people choose not to sign up for insurance. They would not lose access to insurance because the premium support payments, Medicaid and expanded Medicaid all continue to remain in place on the same basis.

"Also, I voted for the Better Care Reconciliation Act. The legislation that we actually voted on in the Senate was significantly different from the original Better Care Reconciliation Act draft. I worked with others to add more than $200 billion in a long-term stability fund and important Medicaid provisions to make sure low-income individuals had coverage. Under the revised BCRA, North Dakota would have received a similar amount of resources as under the Affordable Care Act (Obamacare), but with more flexibility and a variety of new tools to meet the needs of patients and the state. Between Medicaid, the refundable tax credits, the long-term state stability fund, a new substance abuse treatment fund, and additional federal resources to cover the treatment of Native Americans, the state would have had the necessary tools to provide health care coverage for low-income individuals. At the same time, the legislation would have provided $50 billion in funding to help stabilize the insurance market and make it more competitive so that consumers could have access to better and more affordable health insurance policies. Further, the bill would have phased in over seven years to make sure the states have a long adjustment window to ensure financial viability.

"We also tried to pass the Obamacare Repeal and Reconciliation Act. That legislation would have repealed portions of Obamacare, while continuing Medicaid expansion and insurance premium support payments giving Congress the time to enact a replacement.

"None of these bills received sufficient support to pass.

"All along, I've said that health care reform will be a process, not one bill. We have worked diligently to get that process underway. We will continue those effort and hope that Democrats will join us to make reforms to the health care system that will provide Americans with access to patient-centered health care and health insurance at an affordable rate."

Read this original document at: https://www.hoeven.senate.gov/news/news-releases/hoeven-statement-on-heatlh-care-reform-debate

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) to “a” (Excellent) from “a-” (Excellent) of most of the subsidiaries of Sagicor Financial Company Ltd. (Bermuda). These subsidiaries — Sagicor Life Inc. and Sagicor General Insurance Inc. (both domiciled in St. Michael, Barbados), Sagicor Life Insurance Company (Austin, TX) and ivari (Toronto, Canada) — collectively are referred to as Sagicor Financial by AM Best and represent the organization’s Canadian, United States and a portion of the Caribbean operating companies. In addition, AM Best has upgraded the Long-Term ICR to “bbb” (Good) from “bbb-” (Good) and the Long-Term Issue Credit Rating (Long-Term IR) to “bbb+” (Good) from “bbb” (Good) of the $550 million, 5.3% senior unsecured notes, due 2028, of Sagicor Financial Company Ltd., the ultimate parent. Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Sagicor Reinsurance Bermuda Ltd. (SRBL) (Bermuda), as well as the FSR of B++ (Good) and the Long-Term ICR of “bbb+” (Good) of Sagicor Life Jamaica Limited (SLJ) (Kingston, Jamaica). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Sagicor Financial’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).

AM Best views Sagicor Financial’s consolidated risk-adjusted capitalization as strongest, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by diversified operational earnings from multiple subsidiaries. Financial flexibility is demonstrated via multiple debt issuances as well as a revolving credit line. Financial leverage and debt service coverage metrics support Sagicor Financial’s current ratings. Liquidity is adequate and in line with peers. The investment portfolio is conservative with a majority allocation to government and corporate bonds, alongside equity and commercial mortgage loans positions.

Sagicor Financial’s strong operating performance is driven by a track record of consistently positive earnings spread over multiple subsidiaries and geographic areas including Canada, United States and the Caribbean. Premium growth has been steady with continued new business recorded at the consolidated level. Investment performance has also been strong with net yields that outperform peers. Overall volatility has slowly been decreasing driven by a more conservative investment portfolio and a larger asset base.

Sagicor Financial’s neutral business profile reflects very strong market presences in the Caribbean and Canadian markets, as well as a captive agency force, which maintains strong business growth in multiple Caribbean territories. Sagicor Financial utilizes a large set of independent agents and independent marketing organizations in Canada and the United States. Offsetting these strengths is an elevated level of country risk which stems from Caribbean operations. ERM framework is appropriate for size and scale of the organization’s operations and includes proper subsidiary oversight and consistency in risk mitigation activities.

In addition to the consolidated ratings at Sagicor Financial, two additional entities are rated for the Bermuda and Jamaica operations. The ratings of SRBL reflect its balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate ERM. SRBL optimizes group-wide capital and its ratings benefit from a capital maintenance agreement with Sagicor Financial Company Ltd.

The ratings of SLJ reflect its balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, neutral business profile and appropriate ERM. SLJ has a very strong market position in Jamaica and a consistent history of revenue and earnings, which has led to balance sheet growth. Offsetting rating factors include an elevated country risk level in Jamaica.

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Brent DeAngelis
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Source: AM Best