ProMutual Group Receives Positive Outlook from A.M. Best and A- (Excellent) Rating for Fifteenth Consecutive Year
- March 24, 2011 - Boston, MA – ProMutual Group, a leading provider of medical professional liability insurance, recently received its fifteenth consecutive A- (Excellent) rating from A.M. Best Company, with a revised outlook to positive, from stable. This rating and outlook applies to both Medical Professional Mutual Insurance Company and its subsidiary, ProSelect Insurance Company.
A.M. Best, the nation’s most recognized insurance rating organization, based its independent opinion in part on ProMutual Group’s continued operational success, excellent risk-adjusted capitalization, leadership position within its jurisdictions and conservative reserving practices. A.M. Best expects ProMutual Group to continue to experience favorable trends in these areas.
“Maintaining a strong rating is imperative while ProMutual Group adjusts to the shifting healthcare environment and continues to expand as a multi-regional company,” said Richard W. Brewer, president and CEO for ProMutual Group. “We are proud of this rating and grateful to our policyholders, employees and agents for their continued dedication. We remain committed to maintaining our financial stability and providing our policyholders with high quality resources. By doing so we are able to positively impact the physicians’ and patients’ experience of the healthcare system, even as the nature of that system may be changing.”
In the last several years, ProMutual Group expanded throughout New England as well as into New Jersey, Pennsylvania, North Carolina and Virginia. In September of 2009, the company acquired FinCor Holdings, Inc. (“FinCor”), which provides medical professional liability insurance in the Midwest and Pacific Northwest. The FinCor insurance companies are rated separately, with both MHA Insurance Company’s (MHAIC) and Washington Casualty Company’s (WCC) ratings of A- and B+, respectively, being reaffirmed by A.M. Best this year.
The full A.M. Best report is available on the A.M. Best website at www.ambest.com. For more information about ProMutual Group, visit www.promutualgroup.com, or contact Katharine Gould, public relations specialist for ProMutual Group, at (617) 946-8665 or
About ProMutual Group ProMutual Group is 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 at year-end in 2010.
ProMutual Group member companies Medical Professional Mutual Insurance Company,
ProSelect Insurance Company and MHA Insurance Company have a Best’s Rating of A- (Excellent) and Washington Casualty Company has a Best’s Rating of B+ (Good). 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.
Media Contact: Katharine Gould, (617) 946-8665