A.M. Best Assigns Issuer Credit Ratings to Lifetime Healthcare, Inc.'s Subsidiaries.OLDWICK, N.J. -- A.M. Best Co. has assigned issuer credit ratings (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "a-"and affirmed the financial strength rating (FSR (Free System Resource) In Windows 3.x, the amount of unused memory in various 64K blocks reserved for managing current applications. Every open window takes some space in this area. See Windows memory limitation. ) of A- (Excellent) of Lifetime Healthcare, Inc's (Lifetime) (Rochester, NY) primary insurance subsidiaries, Excellus Health Plan, Inc. (Excellus), (Rochester, NY), MedAmerica Insurance Company (MedAmerica) (Pittsburgh, PA) and MedAmerica Insurance Company of 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 (MedAmerica NY) (Rochester, NY). Excellus is the immediate parent of MedAmerica and MedAmerica NY. A.M. Best also has assigned an FSR of A- (Excellent) and ICR of "a-" to MedAmerica Insurance Company of Florida (MedAmerica FL) (Florida). The outlook for all ratings is stable. These rating affirmations and assignments reflect Excellus' strong presence and market position in New York's central and upstate regions and its position as the state's largest not-for-profit health insurer. The company's geographic market extends throughout a majority of counties in upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. , provides health insurance and related services to approximately two million members and employs more than 7,000 people. Excellus has continued to generate profitable operating results and increased capitalization. Its subsidiaries, the MedAmerica companies, represent the long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. product lines and are considered strategic for future success of the organization. During June 2007, MedAmerica formed MedAmerica FL. The new company underwrites and reinsures all long-term care business in Florida. The MedAmerica companies have the full explicit financial and operating support of Excellus. A.M. Best expects as the long-term business matures the operations may be exposed to fluctuations in revenue and earnings as a result of potential regulatory developments and adverse experience. MedAmerica's statutory 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. are primarily the result of the capital intensive nature of long-term care products. For Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. |
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