A.M. Best Revises Outlook to Stable From Negative for Universal American Corp ... MarketWatch (press release)
OLDWICK, N.J., Apr 16, 2010 (BUSINESS WIRE) -- A.M. Best Co. has revised the outlook to stable from negative and affirmed most of the financial strength ratings (FSR) and issuer credit ratings (ICR) of the primary insurance subsidiaries of Universal American Corp. (Universal American) (Rye Brook, NY) [NYSE: UAM], as well as all debt ratings on the shelf registration of Universal American. (Please see below for a detailed listing of the companies and ratings.)
The rating affirmations reflect Universal American's established position in the U.S. senior health insurance market, positive operating performance and strengthened capitalization. Universal American currently serves over 1.9 million Medicare members. Enrollment growth for the organization was driven primarily by its Medicare Advantage Private Fee for Service (PFFS) and Medicare Prescription Drug Part D (PDP) products. Universal American continues to generate positive operating and net income results, with over $140 million of net income reported in 2009. Capitalization of Universal American's primary insurance subsidiaries strengthened considerably in 2009 due to positive operating results and the completion of a reinsurance transaction for essentially all of the organization's life and annuity business. The Medicare Advantage and PDP businesses are anticipated to generate good cash flows and positive operating results for the organization in the near term.
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