AM Best Places Credit Ratings of Physicians Health Plan of Northern Indiana, Inc. Under Review With Positive Implications
02 Julio 2024 - 2:44PM
Business Wire
AM Best has placed under review with positive
implications the Financial Strength Rating of B++ (Good) and the
Long-Term Issuer Credit Rating of “bbb” (Good) of Physicians Health
Plan of Northern Indiana, Inc. (PHP) (Fort Wayne, IN).
This Credit Rating (rating) action follows the announcement of
Priority Health’s intention to enter into an agreement to acquire
PHP. The under review with positive implications status reflects
the expected additional financial flexibility and access to other
accident and health lines of business that PHP will receive from
joining Priority Health. Priority Health is a Grand-Rapids,
MI-based health plan owned by Corewell Health, a non-profit
healthcare system.
The transaction is anticipated to close in late 2024. The
ratings will remain under review with positive implications pending
completion of the acquisition, and until AM Best can complete its
assessment of PHP’s post-acquisition rating fundamentals.
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please
view Guide to Best's Credit Ratings. For information
on the proper use of Best’s Credit Ratings, Best’s
Performance Assessments, Best’s Preliminary Credit Assessments and
AM Best press releases, please view Guide to Proper Use of
Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
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Brian Virostek Financial Analyst +1 908 882 2417
brian.virostek@ambest.com
Jennifer Asamoah Senior Financial Analyst +1
908 882 1637 jennifer.asamoah@ambest.com
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Al Slavin Senior Public Relations Specialist +1
908 882 2318 al.slavin@ambest.com