Washington Casualty Company Receives Upgraded A- (Excellent) Rating from A.M. Best
Lansing, MI - July 19, 2011 - FinCor Holdings, Inc., (“FinCor”), a subsidiary of Medical Professional Mutual Insurance Company and member of ProMutual Group, received an upgraded financial strength rating of A- (Excellent) for subsidiary, Washington Casualty Company (“WCC”), from A.M. Best Company. A.M. Best also affirmed its outlook of stable for the company. This new rating is effective as of July 15, 2011.
A.M. Best, the nation’s most recognized insurance rating organization, based its rating upgrade for WCC on the operational benefits the company receives from MHA Insurance Company through a quota share reinsurance arrangement and the relationship both companies have with Medical Professional Mutual Insurance Company, their parent company. Additional factors identified in support of the rating upgrade include WCC’s leadership position in the hospital professional liability market in Washington, its long-term policyholder retention and its continued support of policyholders through strong patient safety and risk management programs. The outlook of stable is based on WCC’s ability to maintain excellent underwriting results across jurisdictions.
“We are proud and excited to receive this important rating upgrade for Washington Casualty Company,” said John R. Karlen, president and chief operating officer of FinCor. “As an organization, we are committed to upholding our financial stability and to providing our policyholders with solid insurance protection and proactive clinical risk management programs. This rating reinforces those efforts. We are grateful to our policyholders and employees for their continued dedication.”
The full A.M. Best report is available on the A.M. Best website at www.ambest.com.
About Washington Casualty Company
Washington Casualty Company (WCC) provides medical professional liability coverage to hospitals, healthcare facilities and physicians in Idaho, Oregon and Washington. WCC is a member of ProMutual Group, one of the top 10 medical professional liability insurance providers in the country based on direct written premium. ProMutual Group 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. ProMutual Group has net admitted assets in excess of $3.0 billion as of December 31, 2010. ProMutual Group 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). ProMutual Group 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 at cost to healthcare providers across the country. For more information, visit ProMutual Group’s website at www.promutualgroup.com.