S&P Assigns American Healthcare Indemnity ‘Api’ Rtg
NEW YORK–(BUSINESS WIRE)–Standard & Poor’s CreditWire 10/1/98–Standard & Poor’s today assigned its single-‘Api’ insurer financial strength rating to American Healthcare Indemnity Co.
American Healthcare Indemnity is licensed in 45 states, and commenced operations in 1980. The company was acquired in 1996 by SCPIE Companies, professional liability insurers for physicians and other healthcare providers. American Healthcare issues insurance policies for non-California hospitals and doctors. The company participates in an interaffiliate pool with two other group companies.
The following factors were incorporated in the rating of single-‘Api’.
The company meets Standard & Poor’s rating criteria for pool members, and therefore it is assigned the Api rating of qualifying members of the SCPIE pool. Pi ratings, denoted with a pi subscript, are insurer financial strength ratings based on an analysis of an insurer’s published financial information and additional information in the public domain. The ratings do not reflect in-depth meetings with an insurer’s management and are therefore based on less comprehensive information than ratings without a pi subscript. Pi ratings are reviewed annually based on a new year’s financial statements, but may be reviewed on an interim basis if a major event that may affect the insurer’s financial security occurs. Ratings with a pi subscript are not subject to potential CreditWatch listings.
Ratings with a pi subscript generally are not modified with ‘plus’ or ‘minus’ designations. However, such designations may be assigned when the insurer’s financial strength rating is constrained by sovereign risk or the credit quality of a parent company or affiliated group, Standard & Poor’s said.—CreditWire
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