KBRA Places Rating of Granular Insurance Company on Watch Developing Following the Announcement of Transaction with Elevance Health, Inc.
11 Feb 2025 | New York
KBRA places on Watch Developing the A- insurance financial strength rating (IFSR) of Granular Insurance Company (Granular).
The Watch Developing status reflects uncertainty with respect to the near-to-medium term impact of the pending acquisition of Granular on its financial position, projected results, risk profile and business strategy given the announcement that Elevance Health, Inc. [NYSE: ELV] will be acquiring Granular from its parent company, Verily, a division of Alphabet [NYSE: GOOGL]. Elevance Health, Inc. (Elevance) is a health insurance provider that offers health plans, pharmacy services, and specialty insurance. It is the largest for-profit managed health care company in the Blue Cross Blue Shield Association, employing nearly 102,000 associates. Through its family of companies, it supports health at every life stage, offering health plans and clinical, behavioral, pharmacy, and complex-care solutions that promote whole health. The company provides its services under the Anthem Blue Cross and Blue Shield, Wellpoint and Carelon brand names. The company was formerly known as Anthem Inc. and changed its name to Elevance Health, Inc. in June 2022. Elevance was incorporated in 2001 and is headquartered in Indianapolis, Indiana. The transaction is subject to regulatory approvals and is expected to close in the second half of 2025.
Granular is an accident and health insurer focused on an innovative precision risk-based approach to the Employer Stop Loss market, a segment of commercial insurance that protects self-funded employers from unexpected and large employee health benefit claims by reimbursing employers for claims above a defined amount.
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