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Oracle Issues Statement

A.M. Best Withdraws Ratings of Priority Health Care, Inc. and Peninsula Health Care, Inc. Due to Merger


Published on 2011-03-23 09:00:43 - Market Wire
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OLDWICK, N.J.--([ BUSINESS WIRE ])--A.M. Best Co. has withdrawn the financial strength rating (FSR) of A (Excellent) and issuer credit ratings (ICR) of aa+a and assigned an NR-5 (Not Formally Followed) to the FSR and an anra to the ICRs of Priority Health Care, Inc. and its affiliate, Peninsula Health Care, Inc. (both domiciled in Richmond, VA). The companies are former subsidiaries of WellPoint, Inc. (NYSE: WLP).

On September 27, 2010, the Commonwealth of Virginia Bureau of Insurance approved the merger of Priority Health Care, Inc. and Peninsula Health Care, Inc. with and into their affiliate, Health Keepers, Inc., effective October 1, 2010.

The principal methodology used in determining these ratings is [ Besta™s Credit Rating Methodology -- Global Life and Non-Life Insurance Edition ], which provides a comprehensive explanation of A.M. Besta™s rating process and highlights the different rating criteria employed. Methodologies can be found at [ www.ambest.com/ratings/methodology ].

Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit [ www.ambest.com ].

Copyright © 2011 by A.M. Best Company, Inc.ALL RIGHTS RESERVED.