Strong competitive position in core markets of western and central Pennsylvania. Very strong capitalization based on Standard&Poor's model. Very strong liquidity based on Standard&Poor's model. Good earnings profile with diversification through dental/vision subsidiaries. Strong financial flexibility. Intense price competition in selected geographic markets. Limited medical membership growth opportunities. Regulatory constraints on surplus. Insurer of last resort in western and central Pennsylvania. The insurer financial strength rating on Highmark Inc., which does business as Highmark Blue Cross Blue Shield&Highmark Blue Shield, is based on the company's strong competitive position in its core markets of western and central Pennsylvania, very strong capitalization and liquidity, good earnings profile with diversification through its dental and vision subsidiaries, and
