Newark, NJ (PRWEB) July 10, 2013
On July 1, Standard & Poor’s (S & P), a leading provider of investment and credit opinions to global capital markets, reaffirmed Horizon Blue Cross Blue Shield of New Jersey’s financial rating of “A” following a review under its revised insurance criteria. The Standard & Poor’s affirmation was a result of the company’s very strong balance sheet, leading market share and stable earnings.
The Standard & Poor’s report indicated, “The ratings on Horizon BCBSNJ reflect our assessment of its business risk profile as strong and financial risk profile as very strong, reflecting a strong competitive position.” The ratings agency went on to state in its report that “the company's strong knowledge of its core market gives it a competitive advantage that enables it to retain or boost its market share.”
The report also noted that Horizon BCBSNJ’s management team “exercises prudent control over operations by maintaining financial strength, lowering administrative costs, expanding and optimizing network provider relationships, and improving systems technology platforms to support its entire product line.”
“Standard and Poor’s rating demonstrates our commitment to financial stability and accountability to our customers,” said Robert A. Marino, Chairman and CEO, Horizon BCBSNJ. “Our customers look to us for financial security and peace of mind with respect to health care. This rating is evidence they can continue to trust us to be there for them when they need us.”
“We work hard to manage our finances to provide stability and security for our customers, so it is gratifying when Standard & Poor’s acknowledges our strong financial condition,” added David Huber, Senior Vice President, Chief Financial Officer, and Treasurer of Horizon BCBSNJ.
Standard & Poor’s also noted in its report that “the strong business profile assessment incorporates our view that Horizon BCBSNJ has a strong competitive position that is augmented by the Blue Cross Blue Shield brand in both commercial and government-sponsored health plans (Medicare Advantage and Medicaid).”
About Horizon Blue Cross Blue Shield of New Jersey
Horizon Blue Cross Blue Shield of New Jersey, the state’s oldest and largest health insurer, is a tax-paying, not-for-profit health services corporation, providing a wide array of medical, dental, and prescription insurance products and services. Horizon BCBSNJ is an independent licensee of the Blue Cross Blue Shield Association, serving 3.6 million members with headquarters in Newark and offices in Wall, Mt. Laurel, and West Trenton. Learn more at http://www.HorizonBlue.com.