OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has placed under review with positive implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Physicians Health Plan of Northern Indiana, Inc. (PHP) (Fort Wayne, IN).
This Credit Rating (rating) action follows the announcement of Priority Health’s intention to enter into an agreement to acquire PHP. The under review with positive implications status reflects the expected additional financial flexibility and access to other accident and health lines of business that PHP will receive from joining Priority Health. Priority Health is a Grand-Rapids, MI-based health plan owned by Corewell Health, a non-profit healthcare system.
The transaction is anticipated to close in late 2024. The ratings will remain under review with positive implications pending completion of the acquisition, and until AM Best can complete its assessment of PHP’s post-acquisition rating fundamentals.
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