CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK - MARCH 27, 2019 04:49 PM (EDT)
AM Best has placed under review with developing implications the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Dental Care Plus, Inc. (Dental Care Plus) (Cincinnati, OH).
These Credit Rating (rating) actions reflect the March 14, 2019, announcement that DentaQuest, LLC (DentaQuest) and Dental Care Plus have entered into a definitive merger agreement under which DentaQuest will acquire DCP Holding Company and its operating companies, which includes Dental Care Plus, as wholly owned subsidiaries. The transaction is expected to close in the second or third quarter of 2019, subject to customary closing conditions, including receipt of shareholder and regulatory approvals.
Boston-based DentaQuest is a large, national dental and vision benefits provider, while Dental Care Plus is a midsize dental and vision benefits carrier in the Midwest. DentaQuest anticipates gaining access to Dental Care Plus’ strong provider network, customer service and group dental model as it enters the commercial market. Dental Care Plus looks forward to gaining access to new capital support and industry-leading information technology infrastructure, as it grows its individual exchange business.
The ratings will remain under review pending further discussions with Dental Care Plus’ management over the next few months, as AM Best fully reviews the nature of the merger to determine its potential impact on the company.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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