Coastal Medical Insurance has requested to withdraw from the A.M. Best interactive ratings process.
A.M. Best affirmed the financial strength rating of “A (Excellent)” and the long-term issuer credit rating of “a” of Coastal Medical Insurance, located in Bermuda.
However, A.M. Best has withdrawn the ratings following the company’s request to no longer participate in the process.
The ratings reflect Coastal’s 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 ratings agency said.
Partially offsetting these positive rating factors are Coastal’s limited market.
According to A.M. Best, 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 programme of Hackensack Meridian, and its mission of providing an affordable and stable programme of self-insurance.
