A.M. Best affirms ratings on Anthem Insurance, Community Insurance.OLDWICK, N.J.--(BUSINESS WIRE)--May 12, 1997--Effective immediately, Anthem anthem [ultimately from antiphon], short nonliturgical choral composition used in Protestant services, usually accompanied and having an English text. The term is used in a broader sense for "national anthems" and for the Latin motets still used occasionally in Insurance Cos., Inc., an Indianapolis-based health insurance carrier, had its "A-" (Excellent) Best's Rating 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. 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. . In addition, Community Insurance Co., Mason, Ohio Mason is a city in southwestern Warren County, Ohio, United States. As of the 2000 census, Mason's population was 22,016. It was the fastest-growing and most populous city in the county. Until February 1997, it was part of Deerfield Township. , had its "A" (Excellent) rating affirmed. The ratings reflect the strong regional market presence of the consolidated Anthem group, Anthem Insurance's and Community's strong local market presence, and the improvement in both consolidated Anthem earnings and earnings at both the Indiana and Ohio plans. The ratings also reflect the companies' adequate capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. and Anthem's demonstrated ability to integrate its operating entities, as well as management's recognition of the need to expand beyond geographic boundaries. Offsetting these strengths are lower-than-expected earnings at certain subsidiary and affiliated operations, as well as the highly competitive managed-care environment in Anthem's proposed expansion market. Anthem has grown through mergers and acquisitions to become one of the largest health-care organizations in the 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. . Anthem Blue Cross & Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. maintains market shares of between 20% and 30% in its three major markets of Indiana, Ohio and Kentucky. It has done so by creating a well-recognized brand identity, providing product choice and developing and integrating managed-care techniques. Anthem's strategy includes the creation of a second region in the northeastern United States (Anthem East) that anticipates mergers with Blue Cross & Blue Shield of New Jersey and Blue Cross & Blue Shield of Connecticut. Should these mergers be approved, Anthem would have created an innovative multi-regional, integrated health-care company with significant market share in the East and Midwest. In addition, the mergers would bring with them a broader network base. Although additional capital may be required to accommodate this growth, Anthem's capital position would likely remain adequate to fund operations. Anthem Insurance's rating reflects this potential. A.M. Best also has assigned an initial "A-" (Excellent) rating to a subsidiary health maintenance organization, Anthem Health of Indiana, Inc., Indianapolis. The rating assignment reflects the HMO's role as a strategic subsidiary of Anthem Insurance in that it provides group and individual 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, products for Anthem in Indiana. The rating also reflects the capital support that the Anthem organization brings, as well as the organization's strong local and regional position in the Midwest. 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 http://www.ambest.com |
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