Columbia, S.C. – A.M. Best Company, which describes itself as the world’s oldest and most authoritative insurance rating and information source, has awarded BlueCross BlueShield of South Carolina an A+ rating.
One of the few health insurance companies nationwide to achieve this distinction, this year also marks the 15th consecutive year that S.C. BlueCross met this high standard.
According to A.M. Best, the affirmation of BlueCross and its core subsidiaries, including BlueChoice HealthPlan of South Carolina, reflect its leading market share position in the state and its role as one of the nation’s largest health care administrative services contractors for the government and private payers.
A.M. Best noted: “The organization possesses strong brand recognition, good strategic relationships with a diverse group of provider networks and a balanced business profile and earnings mix. BCBSSC’s vast array of products and services enables it to compete effectively in the health insurance market in the state and beyond. The organization continues to grow its leading market share in South Carolina through its branded and non-branded products.
“Nationally, BCBSSC is one of the largest administrative service contractors, servicing Medicare, TRICARE and the Federal Employee Health Benefit Plan (FEHBP). BCBSSC derives a material portion of corporate revenue and earnings from its non-regulated business, which somewhat offsets volatility in its insurance-related revenue and earnings.”
BlueCross is the only health insurer competing in all customer segments in the state.
A.M. Best annually rates BlueCross as a group of companies as well as individually rating some of its subsidiaries. In addition, BlueCross undergoes a financial examination by the S.C. Department of Insurance and has audits conducted by outside companies.
Headquartered in Columbia, S.C., and operating in South Carolina for 70 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 20 companies involved in health insurance services, U.S. DoD 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. BlueChoice HealthPlan of South Carolina also is an independent licensee of the Blue Cross and Blue Shield Association.