Unannounced carrier?
I came across the following press release from S&P Creditwire. I don't recall ever seeing this company announced as a HealthAxis carrier, but check out the highlighted text:
S&P Affirms Celtic Life Insurance Co. 'BBBpi' Rtg
NEW YORK--(BUSINESS WIRE)--S&P CreditWire--Oct. 18, 1999-- Standard &
Poor's today affirmed its 'BBBpi' financial strength rating on Celtic Life
Insurance Co.
Celtic Life Insurance Co. is a privately-held company based in Chicago,
IL and licensed in 49 states and the District of Columbia. The company writes
primarily group and individual accident and health business and began
operations in 1950. About half of the company's business is within its major
states of Texas, Illinois, Florida, South Carolina, Georgia and Alabama.
Distribution of its products is primarily through independent insurance
agents. The Allstate and Metropolitan career sales forces are also major
producers for the company. In 1999, the company signed agreements with
Quotesmith.com, eHealthInsurance.com, and HealthAxis.com to market over the
Internet. The company is rated on stand-alone characteristics.
Major Rating Factors:
-- Capitalization is extremely strong, as indicated by Standard &
Poor's capital adequacy ratio of 246.8%. Total adjusted capital was $51.5
million at year-end 1998 versus $53.7 million in 1997, a decrease of 4.1%.
-- The company has strong liquidity, with a liquidity ratio in excess
of 300%.
-- The company is geographically well diversified, with only 11% of its
direct business in its major state of Texas.
-- The company's five year average return on assets of 2.3% and the
Standard & Poor's earnings adequacy ratio of 100.4% are both considered good.
'Pi' ratings, denoted with a 'pi' subscript, are insurer financial
strength ratings based on an analysis of an insurer's published financial
information and additional information in the public domain. They do not
reflect in-depth meetings with an insurer's management and are therefore
based on less comprehensive information than ratings without a 'pi'
subscript. 'Pi' ratings are reviewed annually based on a new year's financial
statements, but may be reviewed on an interim basis if a major event that may
affect the insurer's financial security occurs. Ratings with a 'pi' subscript
are not subject to potential CreditWatch listings.
Ratings with a 'pi' subscript generally are not modified with 'plus' or
'minus' designations. However, such designations may be assigned when the
insurer's financial strength rating is constrained by sovereign risk or the
credit quality of a parent company or affiliated group, Standard & Poor's
said. -- CreditWire
CONTACT:
Alan Koerber, New York, 212/438-7211 |
