Major Rating Factors:
Weak profitability index (2.3 on a scale of 0 to 10) with operating losses during 2021 and 2022. Return on equity has been low, averaging 2.2% over the last five years. Weak liquidity (0.0) as a spike in claims may stretch capacity. Fair overall results on stability tests (4.3) based on excessive capital growth during 2023, a decline in the number of member physicians during 2023.
Other Rating Factors:
Good capitalization (6.4) based on good current risk-adjusted capital (severe loss scenario) reflecting significant improvement over results in 2022. Good quality investment portfolio (6.5) containing significant exposure to junk bonds.
Principal Lines of Business:
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Licensed in:
NJ
Principal Enrollment Breakdown:
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Other Highlights
Medical Loss Ratio
Medical Expense
Per Member Per Month ($)
Provider Compensation ($000)
Capitation Pay
Fee For Service
Contractual Pay
Salary
Bonus
Other
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Member Physicians
Enrollment
Total Patient Encounters
Physician
Non-Physician
Corporate Info
Group Affiliation
Horizon Healthcare Services Inc
Investment Rating
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Company Address
3 Penn Plaza East
Newark, NJ 07105
Newark, NJ 07105
Phone Number
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NAIC Number
55069
Website
Largest Affiliates