Columbia, S.C. – A.M. Best Co. recently affirmed the financial strength rating of A+ (Superior) of BlueCross and BlueShield of South Carolina’s group of companies. The outlook for this rating is stable.
“A+ (Superior) is currently the highest rating assigned to any health insurer by A.M. Best., and only one other health insurer in the country holds it besides us,” said Mike Mizeur, BlueCross executive vice president and chief financial officer. “BlueCross – representing a group of 45 companies – has worked hard to achieve it every year now for 10 years. It means our customers can depend on us for stability, excellence and leadership.”
In the latest report received in January 2012 for 2011 performance, A.M. Best had the following comments:
“The organization's infrastructure, with its multiple specialty insurance and administration subsidiaries, was strategically developed to operate in a complementary and highly efficient manner allowing (BlueCross) to be the only health insurer and administrator to compete in all customer segments in South Carolina. In conjunction with other Blue Cross and Blue Shield partners, (BlueCross) operates a National Alliance program that provides significant business diversification to the organization's business and membership mix.
“The organization has strong information technology, administrative and service capabilities that have placed it as a leader in the distribution of government programs, while its membership in the Blue Cross and Blue Shield Association provides access to national commercial business through the National BlueCard program.”
A.M. Best also said, “(BlueCross’) capital balance is sufficiently hedged against underwriting fluctuation and has demonstrated the capability to withstand a severe downturn in financial investment market performance.”
Founded in 1899 and headquartered in Oldwick, N.J., A.M. Best Company (www.ambest.com) is the world’s oldest and most authoritative insurance rating and information source.
A.M. Best annually rates BlueCross as a group of companies as well as rating some of its subsidiaries individually. BlueCross also undergoes a financial examination by the S.C. Department of Insurance, and it has audits conducted by outside companies.
Headquartered in Columbia, S.C., and operating in South Carolina for more than 65 years, BlueCross BlueShield of South Carolina is an independent licensee of the Blue Cross and Blue Shield Association. The only South Carolina-owned and operated health insurance carrier, BlueCross BlueShield of South Carolina comprises more than 45 companies involved in health insurance services, the U.S. DoD health program and Medicare contracts, other insurance and employee benefits services, and a philanthropic foundation that funds programs to improve health care and access to health care for South Carolinians.