Coverys Named to Ward’s 50 Top Performing Companies

Recognized for Outstanding Financial Results in Safety, Consistency and Performance

Boston, MA - July 29, 2013 - Coverys, a leading provider of medical professional liability insurance, was named to the 2013 Ward’s 50 Top Performing Insurance Companies list. Based on their annual analysis of the property-casualty industry, Ward Group recognized Coverys for achieving outstanding financial results in the categories of safety, consistency and performance over a five-year period, from 2008-2012.

“We are proud to be included on this prominent list for the fourth consecutive year,” said Gregg L. Hanson, CEO and president for Coverys. “Ward Group is respected in the industry for defining the highest standards and this recognition is a testament to our dedication to financial strength and excellence.”

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
The Ward Group annually analyzes over 3,000 property-casualty insurance companies domiciled in the United States and identifies the top performers based on objective data and subjective quality measures. Each of the companies named on the prestigious report have passed all safety and consistency screens and achieved superior performance over the five years analyzed. The property-casualty group of insurance companies listed produced a 9.9% statutory return on average equity form 2008 to 2012 compared to the industry average of 4.9%.

For more information about Coverys, contact Loren LeVasseur, public relations specialist, at (617) 946-8665 or llevasseur@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 25,000 physicians, surgeons, dentists, certified nurse midwives and allied healthcare providers, as well as more than 500 hospitals, health centers and clinics in 24 states from coast to coast. Coverys has net admitted assets of $3.3 billion, direct written premium of $368 million and policyholder surplus of $1.3 billion, as of December 31, 2012. In addition, Coverys member insurance companies Medical Professional Mutual Insurance Company (“ProMutual”) and ProSelect Insurance Company (“ProSelect”), as well as ProMutual-sponsored Coverys RRG, Inc. (“Coverys RRG”) have a Best’s Rating of A (Excellent). MHA Insurance Company (“MHAIC”) and Washington Casualty Company (“WCC”) 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.