A.M. Best Affirms Credit Ratings of Members of MedPro Group
OLDWICK, N.J.--(BUSINESS WIRE)--Jul 11, 2018--A.M. Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings of “aa+” of the members of MedPro Group (MedPro) (headquartered in Fort Wayne, IN). These Credit Ratings (ratings) apply to The Medical Protective Company (Fort Wayne, IN), its affiliates, Princeton Insurance Company (Princeton, NJ), PLICO, Inc. (Oklahoma City, OK), Commercial Casualty Insurance Company (Fort Wayne, IN) and Atlanta International Insurance Company (Flushing, NY), as well as its two reinsured affiliates, MedPro RRG Risk Retention Group and AttPro RRG Reciprocal Risk Retention Group (both domiciled in the District of Columbia). The outlook of these ratings is stable.
The ratings reflect MedPro’s balance sheet strength, which A.M. Best categorizes as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.
The ratings reflect MedPro’s robust capitalization, long-term operating performance and the significant market position it maintains in the medical professional liability (MPL) sector. The ratings also consider the group’s substantial distribution capabilities, prudent claims-handling philosophy and culture of maintaining a margin of safety. Furthermore, the ratings benefit from the explicit and implicit financial support provided by the ultimate parent, Berkshire Hathaway Inc. [NYSE: BRK A and BRK B], which includes reinsurance programs, investment opportunities and capital support.
Partially offsetting these positive rating factors are the inherent challenges associated with being a predominately monoline MPL insurer, particularly as they relate to price competition, changing market dynamics, potential changes in legislative (i.e., tort) reform, increasing loss cost trends and regulatory risk. At the same time, A.M. Best recognizes the organization’s strong management team, broad premium base and jurisdictional diversity that mitigate these concerns.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s web page. For additional information regarding the use and limitations of Credit Rating opinions, please view . For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view .
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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CONTACT: A.M. Best
Guilherme (Guy) Monteiro Simoes, +1 908-439-2200, ext. 5301
Senior Financial Analyst
Mariza Costa, +1 908-439-2200, ext. 5154
Senior Financial Analyst
Christopher Sharkey, +1 908-439-2200, ext. 5159
Manager, Public Relations
Jim Peavy, +1 908-439-2200, ext. 5644
Director, Public Relations
KEYWORD: UNITED STATES EUROPE NORTH AMERICA NEW JERSEY
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE
SOURCE: A.M. Best
Copyright Business Wire 2018.
PUB: 07/11/2018 02:46 PM/DISC: 07/11/2018 02:46 PM