A.M. Best Affirms Aetna Ratings On News of Prudential HealthCare Acquisition Plan.OLDWICK, N.J.--(BUSINESS WIRE)--Dec. 10, 1998--A.M. Best Co. today affirmed the ratings on the operating subsidiaries of Aetna Inc., Hartford, Conn. The action followed Aetna's announcement that it had agreed to acquire Prudential HealthCare business for $1 billion. The transaction is expected to be completed in the second quarter of 1999. After the acquisition, Aetna would provide health benefits to 22.4 million members. The transaction includes Prudential HealthCare's health-maintenance organization, point-of-service, preferred-provider organization and indemnity lines of business, as well as its dental business. A.M. Best believes the acquisition will substantially strengthen Aetna's market presence in such key markets as New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New Jersey, Pennsylvania and Texas, as well as the Southeast and Mid-Atlantic regions. However, A.M. Best believes that, given the scale of the combined operations For the department of the British War Office during World War II, see . In the military, combined operations are operations conducted by forces of two or more allied nations acting together for the accomplishment of a single mission. See also
In 1996, the company merged with Aetna, calling it Aetna U.S. Healthcare. The U.S. Healthcare apple logo was next to the Aetna name, and U.S. Healthcare under it. U.S. acquisition should help in the integration process. Aetna also is in the process of integrating its recently acquired NYLCare Health Plans. Although some debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay will be included in the financing of the transaction, any additional financial leverage following the acquisition will be in line with the current ratings for the operating companies. The following "A" (Excellent) HMO HMO health maintenance organization. HMO n. A corporation that is financed by insurance premiums and has member physicians and professional staff who provide curative and preventive medicine within certain financial, ratings were affirmed: United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Health Care Systems of Pennsylvania, Inc.; Aetna U.S. Healthcare Inc. (a New Jersey Corporation); U.S. Healthcare Inc. (a New York corporation); Aetna Health Plans of Central and Eastern Pennsylvania, Inc.; Aetna Health Plans of New Jersey, Inc.; Aetna Health Plans of New York, Inc.; Aetna U.S. Healthcare Inc. (a Texas Corporation); Aetna U.S. Healthcare of North Texas; Aetna U.S. Healthcare Inc. (a Virginia Corporation), Aetna U.S. Healthcare Inc. (a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. ); NYLCare Health Plan of New Jersey; NYLCare Health Plan of New York; NYLCare Health Plan of the Southwest; NYLCare Health Plan of the Gulf Coast; and NYLCare of the Mid Atlantic Mid Atlantic can mean:
Also, affirmed were the following "A-" (Excellent) HMO ratings: Aetna U.S. Healthcare Inc. (a Connecticut Corporation); Aetna U.S. Healthcare Inc. (a Massachusetts Corporation); Aetna U.S. Healthcare of California, Inc.; Aetna Health Plan of Southern New England, Inc.; NYLCare Health Plan of Connecticut; Aetna U.S. Healthcare, Inc. (a Florida Corporation); Aetna U.S. Healthcare of Illinois Inc.; NYLCare Health Plan of the Midwest; Aetna U.S. Healthcare Inc. (a Louisiana Corporation); NYLCare Health Plan of Louisiana CODE, OF LOUISIANA. In 1822, Peter Derbigny, Edward Livingston, and Moreau Lislet, were selected by the legislature to revise and amend the civil code, and to add to it such laws still in force as were not included therein. ; Aetna U.S. Healthcare of the Carolinas, Inc.; Aetna Health Plans of the Carolinas, Inc.; Aetna U.S. Healthcare, Inc. (an Arizona Corporation); Aetna U.S. Healthcare Inc. (an Ohio Corporation), Aetna U.S. Healthcare Inc. (a Georgia Corporation); and Aetna U.S. Healthcare Inc. (a Washington Corporation). The following subsidiaries' FPR-6 ratings also were: affirmed Aetna U.S. Healthcare Inc. (a New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). Corporation); Aetna U.S. Healthcare Inc. (a Tennessee Corporation); Aetna U.S. Healthcare Inc. (a Colorado Corporation); and NYLCare Health Plan of Maine. A.M. Best also affirmed the "A" (Excellent) ratings of Aetna Life Insurance Co. and Aetna Life Insurance Co. of America, as well as the "A-" (Excellent) ratings of Corporate Health Insurance Co., U.S. Health Insurance Co. (New York) and U.S. Health Insurance Co. (Connecticut). The "A" (Excellent) ratings of Aetna Life Insurance & Annuity Co. and its direct subsidiary, Aetna Insurance Company of America also were affirmed. The ratings on Prudential Insurance Company of America and its subsidiaries are unaffected by the transaction. A.M. Best believes the sale of this business is consistent with Prudential's strategy to refocus operations around its principal insurance and asset management activities. A.M. Best also believes the exit from this non-core business will benefit Prudential's efforts to improve its operating results in preparation for its planned demutualization Demutualization The process of changing corporate structure from a mutual fund company to some other form, such as a limited liability or corporation. Notes: This means mutual/life insurance companies convert from policyholder companies to stock companies. . |
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