A.M. Best Revises Medical Life's Under Review Status To Developing From Negative.OLDWICK, N.J.--(BUSINESS WIRE)--Oct. 29, 1997--Effective immediately, A.M. Best Co. has revised the under review status of Medical Life Insurance Co.'s "A-" (Excellent) rating to developing from negative. The action reflects yesterday's announcement that Health Care Service Corp.--a Blue Cross & Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. organization in Chicago--plans to acquire Cleveland-based Medical Life. A.M. Best believes the joint marketing of Fort Dearborn Fort Dearborn, U.S. army post on the Chicago River, NE Ill.; est. 1803 and named for Secretary of War Henry Dearborn. Threatened by the indigenous population at the start of the War of 1812, the frontier post was ordered by Gen. William Hull to evacuate. On Aug. Life-another subsidiary of Healthcare Service Corp.-and Medical Life will create a more diverse and developed portfolio of products, which should help the company retain customers in the highly competitive ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. product market. The fact that the acquiring company is a Blue Cross & Blue Shield plan also could help Medical Life retain business derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from its association with its previous parent, the former Blue Cross & Blue Shield Mutual of Ohio. Medical Life Insurance originally was placed under review on March 12, 1997, due to the weak financial position of its parent company and uncertainties surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. the ownership of Medical Life after the Ohio Department of Insurance placed a supervisory su·per·vi·sor n. 1. One who supervises. 2. One who is in charge of a particular department or unit, as in a governmental agency or school system. 3. One who is an elected administrative officer in certain U.S. order on Blue Cross & Blue Shield Mutual of Ohio. The rating will remain under review pending completion of the transaction, which is expected before year end. A.M. Best Co., established in 1899, is America's oldest and most widely recognized insurance rating and information source. CONTACT: Jeffrey Dunsavage 908/439-2200, ext. 5618 dunsavj@ambest.com |
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