Latest news with #Emblem
Yahoo
24-07-2025
- Business
- Yahoo
AM Best Removes From Under Review With Developing Implications and Affirms Credit Ratings of EmblemHealth, Inc.'s Subsidiaries
OLDWICK, N.J., July 24, 2025--(BUSINESS WIRE)--AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of C (Weak) and the Long-Term Issuer Credit Rating of "ccc" (Weak) of Health Insurance Plan of Greater New York, EmblemHealth Insurance Company and EmblemHealth Plan, Inc., collectively referred to as Emblem. All companies are subsidiaries of EmblemHealth, Inc. and are domiciled in New York (NY). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Emblem's balance sheet strength, which AM Best assesses as very weak, as well as its marginal operating performance, neutral business profile and marginal enterprise risk management (ERM). AM Best assesses Emblem's balance sheet strength as very weak, with risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), also assessed as very weak. Absolute capital and surplus improved slightly in 2024, driven by unrealized capital gains that offset net losses. In the first quarter of 2025, Emblem reported further improvement in its capital and surplus as well as gains from the sale of ConnectiCare operations in the first quarter of 2025, which resulted in more than a $60 million improvement in the capital and surplus at Health Insurance Plan of Greater New York, the lead entity. Emblem's investment portfolio is conservative, with cash and short-term comprising over half of the investment portfolio at year-end 2024. Although capital and surplus improved in 2024 and through first-quarter 2025, Health Insurance Plan of Greater New York, the lead operating entity, remains under a capital restoration plan with the New York State Department of Financial Services. The company is forecasting to restore capital by the end of 2025 and conclude the capital restoration plan. Emblem has a long-term trend of net losses and underwriting losses. However, AM Best acknowledges that results improved through year-end 2024, which continued into the first quarter of 2025. In the first quarter of 2025, Emblem reported a significant reduction in underwriting losses year over year and reported a slight net income for the quarter, which keeps a trend of three consecutive quarters of net income. The neutral business profile reflects Emblem's solid market position in the greater New York City market with a long-standing presence. Additionally, the organization derives a large portion of its membership from union and labor accounts, anchored by the City of New York account. Emblem's ERM is assessed as marginal. While the company has a fully developed ERM program, the organization faced challenges over the years (specifically during Covid periods) in meeting projections and the restoration plan with the New York State Department of Financial Services. Emblem has exceeded the restoration plan projections for the last two years. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Paul Frost Senior Financial Analyst +1 908 882 1768 Sally Rosen Senior Director +1 908 882 2284 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Business Wire
24-07-2025
- Business
- Business Wire
AM Best Removes From Under Review With Developing Implications and Affirms Credit Ratings
BUSINESS WIRE)-- AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of C (Weak) and the Long-Term Issuer Credit Rating of 'ccc' (Weak) of Health Insurance Plan of Greater New York, EmblemHealth Insurance Company and EmblemHealth Plan, Inc., collectively referred to as Emblem. All companies are subsidiaries of EmblemHealth, Inc. and are domiciled in New York (NY). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Emblem's balance sheet strength, which AM Best assesses as very weak, as well as its marginal operating performance, neutral business profile and marginal enterprise risk management (ERM). AM Best assesses Emblem's balance sheet strength as very weak, with risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), also assessed as very weak. Absolute capital and surplus improved slightly in 2024, driven by unrealized capital gains that offset net losses. In the first quarter of 2025, Emblem reported further improvement in its capital and surplus as well as gains from the sale of ConnectiCare operations in the first quarter of 2025, which resulted in more than a $60 million improvement in the capital and surplus at Health Insurance Plan of Greater New York, the lead entity. Emblem's investment portfolio is conservative, with cash and short-term comprising over half of the investment portfolio at year-end 2024. Although capital and surplus improved in 2024 and through first-quarter 2025, Health Insurance Plan of Greater New York, the lead operating entity, remains under a capital restoration plan with the New York State Department of Financial Services. The company is forecasting to restore capital by the end of 2025 and conclude the capital restoration plan. Emblem has a long-term trend of net losses and underwriting losses. However, AM Best acknowledges that results improved through year-end 2024, which continued into the first quarter of 2025. In the first quarter of 2025, Emblem reported a significant reduction in underwriting losses year over year and reported a slight net income for the quarter, which keeps a trend of three consecutive quarters of net income. The neutral business profile reflects Emblem's solid market position in the greater New York City market with a long-standing presence. Additionally, the organization derives a large portion of its membership from union and labor accounts, anchored by the City of New York account. Emblem's ERM is assessed as marginal. While the company has a fully developed ERM program, the organization faced challenges over the years (specifically during Covid periods) in meeting projections and the restoration plan with the New York State Department of Financial Services. Emblem has exceeded the restoration plan projections for the last two years. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
Associated Press
24-07-2025
- Business
- Associated Press
AM Best Removes From Under Review With Developing Implications and Affirms Credit Ratings of EmblemHealth, Inc.'s Subsidiaries
OLDWICK, N.J.--(BUSINESS WIRE)--Jul 24, 2025-- AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of C (Weak) and the Long-Term Issuer Credit Rating of 'ccc' (Weak) of Health Insurance Plan of Greater New York, EmblemHealth Insurance Company and EmblemHealth Plan, Inc., collectively referred to as Emblem. All companies are subsidiaries of EmblemHealth, Inc. and are domiciled in New York (NY). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Emblem's balance sheet strength, which AM Best assesses as very weak, as well as its marginal operating performance, neutral business profile and marginal enterprise risk management (ERM). AM Best assesses Emblem's balance sheet strength as very weak, with risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), also assessed as very weak. Absolute capital and surplus improved slightly in 2024, driven by unrealized capital gains that offset net losses. In the first quarter of 2025, Emblem reported further improvement in its capital and surplus as well as gains from the sale of ConnectiCare operations in the first quarter of 2025, which resulted in more than a $60 million improvement in the capital and surplus at Health Insurance Plan of Greater New York, the lead entity. Emblem's investment portfolio is conservative, with cash and short-term comprising over half of the investment portfolio at year-end 2024. Although capital and surplus improved in 2024 and through first-quarter 2025, Health Insurance Plan of Greater New York, the lead operating entity, remains under a capital restoration plan with the New York State Department of Financial Services. The company is forecasting to restore capital by the end of 2025 and conclude the capital restoration plan. Emblem has a long-term trend of net losses and underwriting losses. However, AM Best acknowledges that results improved through year-end 2024, which continued into the first quarter of 2025. In the first quarter of 2025, Emblem reported a significant reduction in underwriting losses year over year and reported a slight net income for the quarter, which keeps a trend of three consecutive quarters of net income. The neutral business profile reflects Emblem's solid market position in the greater New York City market with a long-standing presence. Additionally, the organization derives a large portion of its membership from union and labor accounts, anchored by the City of New York account. Emblem's ERM is assessed as marginal. While the company has a fully developed ERM program, the organization faced challenges over the years (specifically during Covid periods) in meeting projections and the restoration plan with the New York State Department of Financial Services. Emblem has exceeded the restoration plan projections for the last two years. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best'sRecent Rating Activityweb page. For additional information regarding the use and limitations of Credit Rating opinions, please viewGuide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please viewGuide to Proper Use of Best's Ratings & © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on CONTACT: Paul Frost Senior Financial Analyst +1 908 882 1768 [email protected] Rosen Senior Director +1 908 882 2284 [email protected] Sharkey Associate Director, Public Relations +1 908 882 2310 [email protected] Slavin Senior Public Relations Specialist +1 908 882 2318 [email protected] KEYWORD: EUROPE UNITED STATES NORTH AMERICA NEW JERSEY INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE SOURCE: AM Best Copyright Business Wire 2025. PUB: 07/24/2025 02:32 PM/DISC: 07/24/2025 02:32 PM
Leader Live
04-07-2025
- Leader Live
More than 100 public servants who died in service awarded Elizabeth Emblem
The award is the civilian equivalent of the Elizabeth Cross, which recognises members of the UK Armed Forces who died in action or as a result of a terrorist attack. In the second list of Elizabeth Emblem recipients, some 106 police officers, firefighters, overseas workers and other public servants who died in service were recognised, with the award given to their next of kin. Among the recipients is Metropolitan Police Constable Nina Mackay, who died aged 25 after being stabbed by a violent and mentally unstable man while searching a property in Stratford, East London in October 1997. Her mother, Patricia Mackay, 80, said Nina had a 'great social conscience', adding 'everybody liked working with her because she was very hard working'. She told the PA news agency: 'The Metropolitan Police have awarded her many accolades, and the commissioner at the time, just after she was killed, recommended her for the George Medal, which was turned down. 'So after all these years, there's actually something tactile that I can hold.' Discussing the memorials to her daughter, Ms Mackay, who lives in Nairn, Scotland, said: 'She's got the Targa Boat on the Thames that's named after her, and that will be ongoing forever. The street where it happened was changed to Nina Mackay Close. 'There's been so much that I'm very grateful for, but this will actually be something tactile that I could hold to remind me what a brave young woman she was.' Another recipient was school teacher Gwen Mayor, 45, who was killed in 1996 while protecting her pupils at Dunblane Primary School, Scotland, during a mass shooting. In a statement provided by her husband, Rodney Mayor, who now lives in Cyprus, the Mayor family said they were 'extremely proud and honoured to be receiving this award on behalf of Gwen'. They added: 'We always believed her actions that day deserved more recognition. 'You would have to have known Gwen to know that she would have done whatever trying to protect the children in her care. She paid the ultimate price for that commitment. 'Finally, we now feel that she has been honoured for what happened that day.' Chancellor of the Duchy of Lancaster Pat McFadden said: 'We owe an enduring debt to the public servants who give their lives to protect others. 'The Elizabeth Emblem is a reminder not just of the ultimate price their loved ones have paid in service of our communities, it is a lasting symbol of our national gratitude for their incredible sacrifice.' Firefighter John Liptrott, who died in 1968 while attempting to rescue three children who had entered a disused mineshaft, was also awarded the Emblem. Another recipient was Police Constable Dennis Cowell, who died in the River Thames in 1965 after a police launch capsized following a collision between three boats. Six people who contracted Covid-19 while working in healthcare were recognised in the list. These included Dr Poornima Nair Balupuri, a GP living in Bishop Auckland, Co Durham, who died in 2020 doing frontline work. Some 33 people on the list were police officers and firefighters based in Northern Ireland, including Constable Cyril Wilson, who was shot by the IRA in an ambush in 1974. Reserve Constable Robert Struthers, who died in 1978 while serving in the Royal Ulster Constabulary, was also awarded the Emblem – he was shot by two members of the Provisional IRA while working in his office. The design of the Elizabeth Emblem incorporates a rosemary wreath, a traditional symbol of remembrance, which surrounds the Tudor Crown. It is inscribed with 'For A Life Given In Service' and will have the name of the person for whom it is in memoriam inscribed on the reverse of the Emblem. The Emblem will also include a pin to allow the award to be worn on clothing by the next of kin of the deceased. Families and next of kin of those who have died in public service are able to apply for an Elizabeth Emblem by making an application to the Cabinet Office. The Elizabeth Emblem is awarded to the next of kin of a person who was employed in a role based on the source of a commission on behalf of, or formally funded by, an eligibility body. An eligible body is defined as the UK Government, the Scottish Government, the Welsh Government, the Northern Ireland Executive, local government, a Crown Dependency or a British Overseas Territory. The award of the Elizabeth Emblem is retrospective to 1948 and mirrors the eligibility criteria for the Elizabeth Cross.
South Wales Guardian
04-07-2025
- South Wales Guardian
More than 100 public servants who died in service awarded Elizabeth Emblem
The award is the civilian equivalent of the Elizabeth Cross, which recognises members of the UK Armed Forces who died in action or as a result of a terrorist attack. In the second list of Elizabeth Emblem recipients, some 106 police officers, firefighters, overseas workers and other public servants who died in service were recognised, with the award given to their next of kin. Among the recipients is Metropolitan Police Constable Nina Mackay, who died aged 25 after being stabbed by a violent and mentally unstable man while searching a property in Stratford, East London in October 1997. Her mother, Patricia Mackay, 80, said Nina had a 'great social conscience', adding 'everybody liked working with her because she was very hard working'. She told the PA news agency: 'The Metropolitan Police have awarded her many accolades, and the commissioner at the time, just after she was killed, recommended her for the George Medal, which was turned down. 'So after all these years, there's actually something tactile that I can hold.' Discussing the memorials to her daughter, Ms Mackay, who lives in Nairn, Scotland, said: 'She's got the Targa Boat on the Thames that's named after her, and that will be ongoing forever. The street where it happened was changed to Nina Mackay Close. 'There's been so much that I'm very grateful for, but this will actually be something tactile that I could hold to remind me what a brave young woman she was.' Another recipient was school teacher Gwen Mayor, 45, who was killed in 1996 while protecting her pupils at Dunblane Primary School, Scotland, during a mass shooting. In a statement provided by her husband, Rodney Mayor, who now lives in Cyprus, the Mayor family said they were 'extremely proud and honoured to be receiving this award on behalf of Gwen'. They added: 'We always believed her actions that day deserved more recognition. 'You would have to have known Gwen to know that she would have done whatever trying to protect the children in her care. She paid the ultimate price for that commitment. 'Finally, we now feel that she has been honoured for what happened that day.' Chancellor of the Duchy of Lancaster Pat McFadden said: 'We owe an enduring debt to the public servants who give their lives to protect others. 'The Elizabeth Emblem is a reminder not just of the ultimate price their loved ones have paid in service of our communities, it is a lasting symbol of our national gratitude for their incredible sacrifice.' Firefighter John Liptrott, who died in 1968 while attempting to rescue three children who had entered a disused mineshaft, was also awarded the Emblem. Another recipient was Police Constable Dennis Cowell, who died in the River Thames in 1965 after a police launch capsized following a collision between three boats. Six people who contracted Covid-19 while working in healthcare were recognised in the list. These included Dr Poornima Nair Balupuri, a GP living in Bishop Auckland, Co Durham, who died in 2020 doing frontline work. Some 33 people on the list were police officers and firefighters based in Northern Ireland, including Constable Cyril Wilson, who was shot by the IRA in an ambush in 1974. Reserve Constable Robert Struthers, who died in 1978 while serving in the Royal Ulster Constabulary, was also awarded the Emblem – he was shot by two members of the Provisional IRA while working in his office. The design of the Elizabeth Emblem incorporates a rosemary wreath, a traditional symbol of remembrance, which surrounds the Tudor Crown. It is inscribed with 'For A Life Given In Service' and will have the name of the person for whom it is in memoriam inscribed on the reverse of the Emblem. The Emblem will also include a pin to allow the award to be worn on clothing by the next of kin of the deceased. Families and next of kin of those who have died in public service are able to apply for an Elizabeth Emblem by making an application to the Cabinet Office. The Elizabeth Emblem is awarded to the next of kin of a person who was employed in a role based on the source of a commission on behalf of, or formally funded by, an eligibility body. An eligible body is defined as the UK Government, the Scottish Government, the Welsh Government, the Northern Ireland Executive, local government, a Crown Dependency or a British Overseas Territory. The award of the Elizabeth Emblem is retrospective to 1948 and mirrors the eligibility criteria for the Elizabeth Cross.
