OLDWICK, N.J.--(BUSINESS WIRE)--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 Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best’s interactive rating process.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.
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