Christie target Horizon Blue Cross keeps strong 'A' credit rating quoting : Philly

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Robert A. Marino is chairman and chief executive of Horizon Blue Cross Blue Shield of New Jersey, whose strong A credit rating was affirmed this week. Profits at New Jersey's largest health insurer, Horizon Blue Cross Blue Shield, fell for the third straight year in 2016, according to a Standard & Poor's ratings report distributed Friday by Horizon, which is based in Newark, N.J. S&P described Horizon's business as "strong," benefiting from its leading market share in New Jersey, and its financial profile as "very strong," despite tightening reserve ratios caused by declining profitability. The company insures 3.8 million people and has a 61 percent market share on the states's ACA exchange. Horizon had net income of $85 million last year on revenue of $12.18 billion, down from net income of $214 million on revenue of $9.49 billion in 2013, the S&P report said.



Christie target Horizon Blue Cross keeps strong 'A' credit rating
Chris Christie's plan to force the insurance carrier to share its capital reserves, according to a new ratings agency report. The S&P report also predicted "a modest decline in profitability" this year because Horizon insures 61 percent of the people who bought policies through the health exchange. S&P's report suggests Horizon is doing the right thing by its customers, Horizon CEO Robert Marino said. Chris Christie from the group's capital reserves," according to the report. Horizon serves 3.8 million members and reported $12.2 billion in total revenue according to the report released Friday.

Christie Doubles Down on Horizon Demands

Christie said Horizon had net income of $163 million in 2016, a large sum that needed to be capped. "Governor Christie is attacking the company for protecting our policyholders from a $300 million tax hike," McArdle said. "Horizon Blue Cross Blue Shield is the state's leading health insurance company, providing coverage to nearly 4 million people," said Commerce and Industry Association President Anthony Russo. "Horizon Blue Cross Blue Shield is not supposed to have profit … in return for that they get special tax savings," Christie told a group of New Jersey business owners gathered at the headquarters of Goya Foods. That would all be in addition to the new state fund for addiction treatment services Christie wants Horizon to bankroll from its reserves.


collected by :Lucy William

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