Staff Report
Published Feb. 2, 2012

A.M. Best Co. recently affirmed the financial strength rating of A+ (Superior) for BlueCross and BlueShield of South Carolina and its subsidiary companies.

The outlook for this rating is stable, the insurance-rating agency stated.

A.M. Best annually rates BlueCross as a group of companies as well as rates some of its subsidiaries individually. BlueCross also undergoes a financial examination by the S.C. Department of Insurance, and it has audits conducted by outside companies.

“A+ (Superior) is currently the highest rating assigned to any health insurer by A.M. Best, and only one other health insurer in the country holds it besides us,” said Mike Mizeur, BlueCross executive vice president and chief financial officer.

“BlueCross — representing a group of 45 companies — has worked hard to achieve it every year now for 10 years. It means our customers can depend on us for stability, excellence and leadership,” Mizeur said.

In the report on BlueCross and BlueShield of South Carolina’s 2011 performance, A.M. Best said:

• BlueCross’ infrastructure, with its specialty insurance and administration subsidiaries, operates in a complementary and efficient manner allowing it to be the only health insurer and administrator to compete in all customer segments in South Carolina.
• In conjunction with other Blue Cross and Blue Shield partners, BlueCross operates a National Alliance program that provides business diversification.
• BlueCross has strong information technology, administrative and service capabilities that have placed it as a leader in the distribution of government programs. It is also a member of the Blue Cross and Blue Shield Association, which provides access to national commercial business through the National BlueCard program.
• BlueCross’ capital balance is “sufficiently hedged against underwriting fluctuation and has demonstrated the capability to withstand a severe downturn in financial investment market performance.”

A.M. Best Co. is a worldwide insurance rating and information source based in Oldwick, N.J.

Headquartered in Columbia, BlueCross BlueShield of South Carolina is an independent licensee of the Blue Cross and Blue Shield Association. The only South Carolina-owned and operated health insurance carrier, BlueCross BlueShield of South Carolina comprises more than 45 companies.