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AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of C+ (Marginal) and the Long-Term Issuer Credit . ....
Posted on 10111 AM Best has placed under review with negative implications the Financial Strength Rating of C+ (Marginal) and the Long-Term Issuer Credit Rating of “b-” of Health Insurance Plan of Greater New York (HIP), EmblemHealth Insurance Company, EmblemHealth Plan, Inc. and ConnectiCare, Inc. (ConnectiCare) (Farmington, CT). All companies are subsidiaries of EmblemHealth, Inc. and domiciled in New York, NY, unless otherwise specified. These Credit Ratings (ratings) actions follow EmblemHealth Group’s third quarter 2020 results, which reported income and capital levels below AM Best’s expectations. In 2016, the level of capital and surplus (i.e., statutory reserve) at HIP fell below its statutory requirement and as a result, the company filed a plan of surplus restoration with the New York State Department of Financial Services. The plan called for meeting and complying with a reduced statutory ....
Press release content from Business Wire. The AP news staff was not involved in its creation. AM Best Places Credit Ratings of EmblemHealth, Inc.’s Insurance Subsidiaries Under Review With Negative Implications December 22, 2020 GMT OLDWICK, N.J. (BUSINESS WIRE) Dec 22, 2020 AM Best has placed under review with negative implications the Financial Strength Rating of C+ (Marginal) and the Long-Term Issuer Credit Rating of “b-” of Health Insurance Plan of Greater New York (HIP), EmblemHealth Insurance Company, EmblemHealth Plan, Inc. and ConnectiCare, Inc. (ConnectiCare) (Farmington, CT). All companies are subsidiaries of EmblemHealth, Inc. and domiciled in New York, NY, unless otherwise specified. ....