A.M. Best withdraws credit ratings of MVP Health Plan, Inc and affiliates

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A.M. Best withdraws credit ratings of MVP Health Plan, Inc and affiliates

Thu, 12/21/2017 - 8:54am -- tim

Vermont Business Magazine A.M. Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Ratings of “bbb-” for MVP Health Plan, Inc., MVP Health Services Corp. and MVP Health Insurance Company (all domiciled in Schenectady, NY) (collectively referred to as MVP Group). The outlook of these Credit Ratings (ratings) is stable. Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best’s interactive rating process.

The ratings affirmations reflect the MVP Group’s balance sheet strength, which A.M. Best categorizes as adequate, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management. After several years of underwriting and net losses, MVP Group has shown improvement in earnings in 2016 and through Sept. 30, 2017. The organization operates in a limited geographic area, which includes upstate New York and Vermont. Enrollment has experienced growth in 2016 and through Sept. 30, 2017 following a period of steady decline.

This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Source: December 20, 2017 OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.