Coverys Named to Ward’s 50 Top Performing Insurance Companies List

Recognized for Outstanding Financial Results for the Third Consecutive Year

Boston, MA - July 17, 2012 - Today, leading provider of medical professional liability insurance Coverys was named to the 2012 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 areas of safety, consistency and performance over a five-year period, from 2007-2011.

“We are honored to be named to this important list for the third consecutive year,” said Gregg L. Hanson, president and CEO of Coverys. “Ward Group provides meaningful definitions of the highest standards in the insurance industry and we are proud to be considered among the top performers.”

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
Ward Group is a leader in benchmarking and best practices research studies for insurance companies. Annually, Ward Group analyzes over 3,000 property-casualty insurance companies domiciled in the United States and identifies the top performers.

For more information about Ward’s 50 and to view the entire list, visit www.wardinc.com. For more information about Coverys or to request an interview please contact Katharine Gould at kgould@coverys.com or (617) 946-8665, or visit the company’s website at www.coverys.com.
 

About Coverys

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. In addition, all Coverys insurance member companies have a Best’s Rating of A- (Excellent). 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.