Standard & Poor’s Ratings Services has lowered its counterparty credit and financial strength ratings on Reciprocal of America to ‘Bpi’ from ‘BBBpi’ based on deteriorating operating performance and profitability and weak surplus.
Reciprocal of America is a reciprocal insurance company providing workers’ compensation and other liability coverages for health systems, hospitals, health professionals, managed care organization, and other health care providers.
Based in Richmond, Va., the company is licensed in 40 states and operates in 18 states and the District of Columbia. In 2001, the company assumed the assets and liabilities of Coastal Insurance Enterprise, Coastal Insurance Exchange, and Alabama Hospital Association and Healthcare Workers’ Compensation Trust Fund.
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