A.M. Best Assigns A- -Excellent- Rating To Blue Cross & Blue Shield United of Wisconsin.OLDWICK, N.J.--(BUSINESS WIRE)--March 25, 1999--A.M. Best Co. today assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. an A- (Excellent) rating to Blue Cross & Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. United of Wisconsin. The rating reflects the company's combined market presence through its subsidiaries, diverse product portfolio and strong managed-care operations. The rating also reflects its partial ownership of United Wisconsin Services Inc., which has the largest 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, system in Wisconsin. These strengths are offset by the organization's reduced premium level, historical underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. losses and competitive challenges the company faces in Wisconsin. A.M. Best also recognizes that Blue Cross & Blue Shield United of Wisconsin's capital is modestly pressured by its investments in its subsidiaries. The company, along with its subsidiaries, is the largest health insurer in Wisconsin, with approximately 34% of the market share. Total enrollment includes over 700,000 members, more than 43% of whom are enrolled in some form of managed-care program. Blue Cross & Blue Shield United of Wisconsin offers a diversified diversified (di·verˑ·s portfolio of traditional and managed-care products designed for specific segments of the individual, group, Medicare, Medicaid and governmental markets. The company's Medicare claims-processing unit is the second-largest Medicare Part A claims processor in the country. The company is a major shareholder in United Wisconsin Services Inc., which has the largest HMO system in Wisconsin, covering over 304,000 members. The HMOs include Compcare Health Service Insurance Corp., which serves the southeastern, north and north central regions; Valley Health Plan, which serves the western region; and Unity Health Plan, which serves the rural-based regions of the state. Compcare, the state's oldest commercial HMO, expects to receive the Blue Cross and Blue Shield brand in 1999. All three HMOs consistently demonstrate expense ratio advantage over their competition. United Wisconsin Services Inc. also markets specialty managed-care products and services nationwide, serving 1.8 million people in 39 states. Historical operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. and an active investment portfolio have continued to apply pressure to Blue Cross & Blue Shield United of Wisconsin's capital position. However, a modest improvement in earnings during 1998 and new joint venture partnerships created in 1999, are expected to mitigate mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. previous trends in the near term. A.M. Best also affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the A- rating on United Heartland Life Insurance Co. The company adds value to Blue Cross & Blue Shield United of Wisconsin's diverse product portfolio. A.M. Best also affirmed the A- ratings on the United Wisconsin Services HMOs: Compcare Health, Valley Health and Unity Health. The affirmation A solemn and formal declaration of the truth of a statement, such as an Affidavit or the actual or prospective testimony of a witness or a party that takes the place of an oath. An affirmation is also used when a person cannot take an oath because of religious convictions. reflects their strategic role as the managed-care providers for Blue Cross & Blue Shield United of Wisconsin. A.M. Best Co., established in 1899, is America's oldest and most widely recognized insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion