Hackensack Meridian captive withdraws from AM Best ratings
Coastal Medical Insurance, a captive insurer subsidiary of non-profit health care organisation Hackensack Meridian, has withdrawn its ratings from AM Best's interactive ratings process.
This follows the rating agency affirming Coastal's financial strength rating of A, which reflects its excellent risk-adjusted capitalisation 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. The outlook of this rating remains stable.
AM Best suggested the positive rating factors are partially offset by Coastal's limited market, but these concerns are mitigated due to the explicit and implicit parental support of Hackensack Meridian, the strategic importance of Coastal within the overall risk management programme of Hackensack Meridian, and its mission of providing an affordable and stable program of self-insurance.