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 the company’s 16th consecutive A+ rating. This year-after-year affirmation of BlueCross and its core subsidiaries is an achievement for any organization in any sector. BlueCross is one of the few health insurance companies nationwide to have met and sustained this high standard.
As part of the rating procedure, A.M. Best evaluates both financial and non-financial business risk. It noted the organization’s strong business profile and brand recognition; its ability to provide administrative services to the federal government and other Blue plans; as well as its broad suite of diverse products, and its “dynamic, multiple channel distribution platform and extensive claims-handling technology.”
According to David Pankau, president and chief executive officer of BlueCross BlueShield of South Carolina, the rating agency’s recognition reinforces the company’s reputation for security and stability in the midst of a challenging marketplace. He said, “A.M. Best’s rating analysis and commentary support the priorities of our business objectives and confirms our long-standing strategy of maintaining a diverse portfolio of core and ancillary businesses. Moreover, it is gratifying that our efforts on behalf of our members are recognized in this way.”
BlueCross is the only health insurer competing in all customer segments in the state and has been the only health insurer participating on the federal exchange in South Carolina since 2016.
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.
About BlueCross BlueShield of South Carolina
Headquartered in Columbia and operating in South Carolina for more than 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.