A.M. Best Withdraws Credit Ratings of Coastal Medical Insurance Ltd.

OLDWICK, N.J.--()--A.M. Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Coastal Medical Insurance Ltd. (Coastal) (Hamilton, Bermuda). The outlook of these Credit Ratings (ratings) is stable. Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best’s interactive rating process.

The ratings reflect Coastal’s excellent risk-adjusted capitalization and operating performance, strong liquidity position, expanded and sophisticated risk management strategy and practices, conservative investment strategy and its management team’s extended experience in the industry.

Partially offsetting these positive rating factors are Coastal’s limited market. However, these concerns are mitigated due to the explicit and implicit parental support of Hackensack Meridian Health System (Hackensack Meridian), the strategic importance of Coastal within the overall risk management program of Hackensack Meridian, and its mission of providing an affordable and stable program of self-insurance.

A.M. Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated in the United States and throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.

This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Fred Eslami, +1-908-439-2200, ext. 5406
Senior Financial Analyst
fred.eslami@ambest.com
or
Gary A. Davis, +1-908-439-2200, ext. 5665
Director
gary.davis@ambest.com
or
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best
Fred Eslami, +1-908-439-2200, ext. 5406
Senior Financial Analyst
fred.eslami@ambest.com
or
Gary A. Davis, +1-908-439-2200, ext. 5665
Director
gary.davis@ambest.com
or
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com