Coverys Receives A (Excellent) Financial Strength Rating from A.M. Best
Upgraded Rating for Member Companies ProMutual, ProSelect, Coverys RRG
Boston, MA - December 17, 2012 - Coverys is pleased to announce it has received an A (Excellent) financial strength rating with a stable outlook from A.M. Best Company for member companies Medical Professional Mutual Insurance Company (“ProMutual”) and ProSelect Insurance Company (“ProSelect”), and on behalf of Coverys RRG, Inc. (“Coverys RRG”). A.M. Best also upgraded these companies’ issuer credit ratings to “a.” Prior to this upgrade, ProMutual and ProSelect had received 16 consecutive A- (Excellent) financial strength ratings and Coverys RRG had received an A- (Excellent) rating.
Kenneth A. Heisler, M.D., FACS, Chairman of the Board said, “We are delighted to receive the A rating from A.M. Best. It is a testament to the dedication to our guiding principles by our Board and management and the steadfastness of our policyholders, whom we support throughout their professional careers.”
“We are very proud to receive this highly regarded sign of financial stability,” said Gregg L. Hanson, president and CEO of Coverys. “Our financial strength continues to be one of our top priorities and an A rating from A.M. Best has always been a goal of ours. I thank our employees, agents and policyholders for their hard work and loyalty. We will continue to hold our organization to the highest standards and work to protect the practice of excellent medicine.”
A.M. Best, the nation’s most recognized insurance rating organization, based its independent opinion in part on Coverys’ excellent capitalization, strong underwriting results and favorable historical investment income. Additional contributing factors cited include the breadth and depth of the organization’s risk management services, the organization’s geographic reach and leading market position in most of the territories in which it operates, and its history of favorable reserve development. A.M. Best expects Coverys to experience continued excellent operating performance across multiple facets of the organization.
The full A.M. Best report is available on the A.M. Best website at www.ambest.com. For more information about Coverys, visit www.coverys.com, or contact Katharine Gould, public relations specialist, at (617) 946-8665 or firstname.lastname@example.org.
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 23 states from coast to coast. Coverys is committed to financial strength and stability with net admitted assets in excess of $3.2 billion, direct written premium of $375 million and policyholder surplus of $1.1 billion, as of December 31, 2011. Coverys emphasizes physician education and patient safety, and the company is acknowledged as a leader in providing supportive risk management services and resolute claim ￼defense to the healthcare community. Coverys also offers a variety of interactive and relevant continuing medical education (CME) activities to healthcare providers across the country. For more information visit the Coverys website at www.coverys.com. Timely industry and company news can also be found on the Coverys blog at coverys.wordpress.com, on Twitter (@Coverys) and on the company’s Facebook page.