AM Best Affirms Credit Ratings of GuideWell Mutual Holding Corporation and Its Operating Subsidiaries

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of Blue Cross and Blue Shield of Florida, Inc. d/b/a Florida Blue, and its affiliates, Health Options, Inc., Capital Health Plan, Inc. (Tallahassee, FL) and Florida Health Care Plan, Inc. (Holly Hill, FL). These companies collectively are referred to as Blue Cross and Blue Shield of Florida Group. AM Best also has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Florida Combined Life Insurance Company, Inc. Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Triple-S Vida, Inc. (San Juan, PR) (TSV). Lastly, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) of GuideWell Mutual Holding Corporation (GuideWell). The outlook of these Credit Ratings (ratings) is stable. All aforementioned companies are domiciled in Jacksonville, FL, unless otherwise specified.

The ratings of Blue Cross and Blue Shield of Florida Group reflect the group’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The rating affirmations reflect Blue Cross and Blue Shield of Florida Group’s material market share in Florida, supported by strong brand name recognition, a large capital base and historically strong operating performance. The group’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), declined in 2025 to strong from very strong. The decline was due mainly to net losses reported by the group. BCAR is expected to improve back to very strong in 2026 based on improved operating results. The group benefits from the strong financial flexibility of GuideWell and GuideWell Group, Inc. (GGI). Dedicated funds are maintained at GGI to bolster risk-adjusted capitalization for insurance subsidiaries should the need arise. The group reports favorable liquidity metrics and has access to additional sources of operating liquidity, including access to a revolving credit facility at GuideWell and available credit facilities at the Federal Home Loan Bank of Atlanta for Florida Blue and Health Options, Inc along with private placement options. Total earnings declined significantly in 2025, due to an increase in medical utilization and lower-than-expected premium volume driven by lower-than-expected enrollment. The company has taken action to improve profitability, including rate increases in its Affordable Care Act products. Florida Blue reported a slight decline in premiums in 2025, driven by a decrease in membership offset by rate increases. The company is focused on restoring profitability and margin stability. Operating results through the first quarter of 2026 are positive.

The ratings of Florida Combined Life Insurance Company, Inc., reflect the company’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate ERM.

The rating affirmations consider Florida Combined Life Insurance Company, Inc.’s strongest level of risk-adjusted capitalization, as measured by BCAR, and its strategic importance to Florida Blue. The company has a history of capital growth; however, in 2025, capital decreased slightly due to a dividend payment to its parent. The company continues to generate favorable operating results. The company provides product diversification offering Blue Cross Blue Shield-branded dental, life, and disability insurance products.

The ratings of TSV reflect the company’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate ERM.

The rating affirmations reflect TSV’s very strong risk-adjusted capitalization, as measured by BCAR, and improvement of operating results over the past two years, which have contributed to capital growth. TSV has reported a consistent trend of premium growth, and the company has remained profitable over the past five years. However, the company’s operating earnings have fluctuated. Operating and net earnings improved in 2025, driven mainly by increased net investment income. TSV continues to benefit from the financial and operating support of its ultimate parent, GuideWell.

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