A.M. Best Withdraws Ratings of Children's Specialized-SAAML
2009-01-08 16:16:06 -
A.M. Best Co. has affirmed the financial strength rating (FSR) of B+ (Good) and assigned an issuer credit rating (ICR) of "bbb-" of Children's Specialized-SAAML (Children's Specialized) (Hamilton, Bermuda). The outlook for both ratings is stable.
Concurrently, A.M. Best has withdrawn the ratings at the company's request and assigned an NR-4 to the FSR and an "nr" to the ICR. These rating actions reflect Children's Specialized's management's decision to withdraw from A.M. Best's interactive rating process.
The ratings reflect Children's Specialized's good capitalization, experienced management team and excellent risk management program. Additional factors considered in these ratings are the unique nature of Children's Specialized as a non-invasive, rehabilitative hospital and its expertise in this niche market. The ratings also takes into account the strategic importance of Children's Specialized within Robert Wood Johnson Health System and the brand recognition gained through this relationship. Partially offsetting these positive rating factors are Children's Specialized's high retention levels relative to surplus, fluctuating results and regulatory constraints.
Children's Specialized is one of only two providers within the state of New Jersey offering these services to children and maintains a significant market share in this area. Additional support is offered to the hospital through an agreement with the Children's Specialized Foundation.
The ratings also consider the important role Children's Specialized serves in providing hospital professional and general liability coverage to participating physicians within this facility.
A.M. Best remains the leading rating agency of captive insurers rating a wide variety of more than 200 captives in the United States and throughout the world.
For current Best's Ratings and independent data on the captive and alternative insurance market, please visit www.ambest.com/captive.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.
A.M. Best Co.
Analysts
Gale Guerra, 908-439-2200, ext. 5069
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Steven Chirico, CPA, 908-439-2200, ext. 5087
steven.chirico@ambest.com
or
Public Relations
Jim Peavy, 908-439-2200, ext. 5644
james.peavy@ambest.com
or
Rachelle Morrow, 908-439-2200, ext. 5378
rachelle.morrow@ambest.com
