A.M. Best Upgrades Rating of Amedex Insurance Company; Assigns Rating to Amedex Insurance Company -Bermuda-, Ltd.OLDWICK, N.J. -- A.M. Best Co. has upgraded the financial strength rating to A (Excellent) from A- (Excellent) of Amedex Insurance Company (AIC AIC Association des Infermières Canadiennes. ) (Miami, FL). Additionally, A.M. Best has assigned a financial strength rating of A- (Excellent) to Amedex Insurance Company (Bermuda), Ltd. (AIC Bermuda) (Hamilton, Bermuda), an affiliated company. The outlook on the ratings is stable. These rating actions reflect AIC's strong level of risk-adjusted capital, profitable operating results and growth in its niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. , where it provides major medical coverage designed for high net worth residents of Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and the Caribbean. AIC maintains control of production/distribution, underwriting and claims adjudication The legal process of resolving a dispute. The formal giving or pronouncing of a judgment or decree in a court proceeding; also the judgment or decision given. The entry of a decree by a court in respect to the parties in a case. through affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. that act as managing general agents, third party administrators and preferred provider contractors. This group of companies, known as the Amedex Insurance Group, allows AIC to maintain consistent underwriting profitability in this business. In addition, the broad geographic distribution of the business limits the company's exposure to political and economic risks inherent in this region. In recent years AIC has significantly increased its premium base and geographic penetration, while the Amedex Insurance Group has expanded its existing 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. medical provider network to facilities located in Latin America and the Caribbean. This has been accomplished while maintaining a high level of profitability and a strong balance sheet that has limited intangible assets and no debt. AIC Bermuda, formerly AGI (Artificial General Intelligence) A machine intelligence that resembles that of a human being. Considered impossible by many, most artificial intelligence (AI) research, projects and products deal with specific applications such as industrial robots, playing chess, Assurance Company Ltd, recently became part of the Amedex Insurance Group. It operates in the same Latin American and Caribbean market as its affiliates, providing term life and universal life products, and benefits from Amedex Insurance Group's support. A.M. Best expects Amedex Insurance Group to continue to penetrate its core markets with its life and heath products, while maintaining a strong balance sheet and operating results. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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