Boston, MA - August 11, 2011
- This summer, Coverys (formerly ProMutual Group), a leading provider of medical professional liability insurance, was named to the 2011 Ward’s 50 Top Performing Insurance Companies list. Based on Ward Group’s annual analysis of the property- casualty industry, Coverys is recognized for achieving outstanding financial results in the categories of safety, consistency and performance over a five-year period, from 2006-2010.
“We are proud and honored to be named to this prestigious list,” said Richard W. Brewer, president and CEO of Coverys. “We look to Ward Group for its respected and meaningful definitions of the highest standards in the industry. We believe this recognition is a testament to our dedication to financial excellence and stability, and it aligns well with our mission of protecting our policyholders by providing the highest quality products and services.”
The criteria for the selection of Ward’s 50 Top Performing Insurance Companies list in the Property-Casualty segment includes:
- Surplus and premiums of at least $50 million for each of the five years analyzed
- Net income in at least four of the last five years
- Risk-based capital ratio of at least 100% for each of the five years analyzed
- Compound annual growth in premiums between -10% and +40%
- Net Written Premium divided by Gross Written Premium is greater than 50%
- Gross Written Premium divided by Net Written Premium is less than 130%
- Rank in top 10% of peer business mix benchmark group
- Must pass Ward Group’s evaluation of company operations
Annually, Ward Group analyzes over 3,000 property-casualty insurance companies domiciled in the United States and identifies the top performers. Each Ward’s 50 company has passed all safety and consistency screens and achieved superior performance over the five years analyzed.
For more information about Coverys or to request an interview please contact Katharine Gould at firstname.lastname@example.org or (617) 946-8665, or visit the company’s website at www.coverys.com.
(formerly ProMutual Group)
Coverys is one of the top 10 medical professional liability insurance providers in the country based on direct written premium. Coverys member companies insure more than 20,000 physicians, surgeons, dentists, certified nurse midwives and allied healthcare providers as well as nearly 500 hospitals, health centers and clinics in 22 states from coast to coast. Coverys has net admitted assets in excess of $3.0 billion as of December 31, 2010. Coverys member companies Medical Professional Mutual Insurance Company, ProSelect Insurance Company, MHA Insurance Company and Washington Casualty Company have a Best’s Rating of A- (Excellent). Other Coverys member companies include FinCor Solutions, a multi-line insurance agency, and the Risk Management and Patient Safety Institute, which focuses on clinical risk reduction, quality patient outcomes and education. Coverys as a whole is acknowledged as a leader in providing risk management and claim services to the healthcare community, and it offers risk management consultations and educational activities to healthcare providers across the country. For more information on the enterprise and its member companies, visit the Coverys website at www.coverys.com.