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A.M. Best Co.
A.M. Best Downgrades Ratings of HealthMarkets, Inc. and Its Subsidiaries
August 15th, 2008
A.M. Best Co. has downgraded the financial strength rating to B++ (Good) from A- (Excellent) and issuer credit ratings to "bbb+" from "a-" of The MEGA Life and Health Insurance Company, The Chesapeake Life Insurance Company (both of Oklahoma City, OK) and Mid-West National Life Insurance Company of Tennessee (North Richland Hills, TX), all subsidiaries of HealthMarkets, Inc. (HealthMarkets) (North Richland Hills, TX). A.M. Best also has downgraded the ICR to "bb+" from "bbb-" of HealthMarkets. The outlook for all ratings is negative. The rating downgrades primarily reflect declining premium revenue, high financial leverage, decreased interest coverage, high level of...
Source: Health Business Week (2008-08-15)
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