Coverys Receives A- (Excellent) Rating from A.M. Best
Sixteenth Consecutive A- Rating for Member Companies ProMutual and ProSelect
Boston, MA - January 25, 2012 - Coverys is pleased to announce it has received its sixteenth consecutive A- (Excellent) rating and a positive outlook from A.M. Best Company for member companies Medical Professional Mutual Insurance Company (“ProMutual”) and ProSelect Insurance Company (“ProSelect”). Coverys member companies MHA Insurance Company and Washington Casualty Company were also rated A- (Excellent), with a stable outlook.
A.M. Best, the nation’s most recognized insurance rating organization, based its independent opinion in part on Coverys’ supportive capitalization, leading market presence in most of the territories in which it operates, conservative reserving practices, and underwriting income in the period from 2006 to 2011. Any inherent challenges within the medical professional liability industry are partially minimized by the group’s geographic diversification and targeted organic growth. A.M. Best expects Coverys to continue to experience favorable operating performance and balance sheet strength throughout the insurance cycle.
“We continue to place a strong and focused emphasis on maintaining a solid financial base, particularly as we evolve with the changing healthcare industry,” said Gregg L. Hanson, president and CEO of Coverys. “We are, and always will be, committed to upholding our excellent reputation and are pleased that our A.M. Best ratings can serve as a differentiator for our enterprise in the market. We will continue to work to protect the livelihood of our policyholders by providing relevant and important resources that are reinforced by these ratings. I am grateful to our policyholders, employees and agents for their hard work and loyalty.”
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 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.