SC BlueCross Group Earns Highest Financial Rating for 13th Year
February 13, 2015
COLUMBIA, SC – A.M. Best Co. this week affirmed the A+ financial strength rating of BlueCross BlueShield of South Carolina’s group of companies. The outlook for this rating is stable.
In the latest report received this month for the group’s 2014 performance, A.M. Best said, “The organization’s infrastructure, with its multiple specialty and administration subsidiaries, was strategically developed to operate in a complementary and highly efficient manner allowing (BlueCross BlueShield of South Carolina) to be the only health insurer and administrator to compete in all market segments in South Carolina.”
It also cited as strengths the company’s information technology services, membership access to the national BlueCard® program, and insourcing back-office services for other insurance companies.
“This rating reflects the financial strength of our total group of more than 40 companies,” said David Pankau, BlueCross president and chief executive officer. “It’s a testament to the great performance and hard work of our employees and to the loyalty we have with our customers, who depend on us for excellence, stability and leadership.”
Founded in 1899 and headquartered in Oldwick, N.J., A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source.
A.M. Best annually rates BlueCross as a group of companies as well as individually rating some of its subsidiaries. BlueCross also undergoes a financial examination by the S.C. Department of Insurance, and it has audits conducted by outside companies.
Headquartered in Columbia, and operating in South Carolina for more than 65 years, 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 40 companies involved in health insurance services, U.S. Department of Defense health program and Medicare contracts, other insurance and employee benefits services, and a philanthropic foundation that funds programs to improve health care and access to health care for South Carolinians.
