Providing our members with peace of mind is one of our top priorities, so we are pleased to have earned an ‘A’ rating from Standard & Poor’s based upon our strong financial condition, our prudent business practices, and our market leading position,
Newark, New Jersey (PRWEB) May 05, 2015
Horizon Blue Cross Blue Shield of New Jersey (BCBSNJ) has maintained its strong and secure credit rating of “A” from Standard & Poor’s. In its review of Horizon BCBSNJ’s financials last week, the Wall Street ratings agency cited the company’s “extremely strong capital adequacy” and “leading market position” in determining the rating and “stable” outlook.
“Providing our members with peace of mind is one of our top priorities, so we are pleased to have earned an ‘A’ rating from Standard & Poor’s based upon our strong financial condition, our prudent business practices, and our market leading position serving more than 3.8 million members,” said Robert A. Marino, chairman and CEO, Horizon BCBSNJ.
Standard & Poor’s noted that Horizon BCBSNJ “has the No. 1 market share on New Jersey’s federally facilitated exchange” and “is likely to benefit from its leading presence on the exchange.” Horizon BCBSNJ’s individual market membership climbed to more than 198,000 members, the state’s largest market share. The ratings agency also cited the strength of Horizon BCBSNJ’s networks, noting that the company “benefits from its well-established provider network and focused multichannel distribution strategy.”
Standard & Poor's also noted that Horizon BCBSNJ’s management team “has considerable experience in the current lines of business and exercises prudent control of operations by maintaining financial strength, efficient administrative expense controls, expanding and optimizing support its entire product line.”
Standard & Poor's Ratings Services is the world's leading provider of independent credit risk research and benchmarks. The agency publishes more than a million credit ratings on debt issued by sovereign, municipal, corporate and financial sector entities.
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 service corporation, providing a wide array of medical, dental, and prescription insurance products and services. Horizon BCBSNJ is leading the transformation of health care in New Jersey by working with doctors and hospitals to deliver innovative, patient-centered programs that reward the quality, not quantity, of care patients receive. Learn more at http://www.HorizonBlue.com. Horizon BCBSNJ is an independent licensee of the Blue Cross Blue Shield Association serving more than 3.8 million members.