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A.M. Best gives BlueCross BlueShield of S.C. group top rating

Staff Report
Published Jan. 23, 2013

A.M. Best Co. has affirmed its A+ financial strength rating for Columbia-based BlueCross BlueShield of South Carolina's group of companies, adding that the rating outlook is stable.

The A+ rating, which BlueCross has received for 11 consecutive years, is the highest A.M. Best has assigned to any health insurer. Only one other health insurer in the country has received the top rating, according to A.M. Best.

The diversification of BlueCross as a group of companies is one of its strengths, the rating agency said, especially in what it called a challenging economic and regulatory climate and a highly competitive market.

"A.M. Best believes (BlueCross) is well positioned for its current rating for the near to medium term," the agency said.

The rating reflects the financial stability of BlueCross’ group of 47 companies, said Mike Mizeur, BlueCross executive vice president and CFO.

"We work hard to achieve this high a rating every year,” Mizeur said. “This means our customers can depend on us for stability, excellence and leadership."

A.M. Best annually rates BlueCross as a group of companies as well as rating some of its subsidiaries individually.

S.C. BlueCross, an independent licensee of the Blue Cross and Blue Shield Association, comprises 47 companies involved in health insurance services, Defense Department health programs and Medicare contracts, other insurance and employee benefits services, and a philanthropic foundation.