Coverys Receives A (Excellent) Financial Strength Rating from A.M. Best for the Second Consecutive Year
Boston, MA - January 23, 2014 - 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”), ProSelect Insurance Company (“ProSelect”) and Coverys RRG, Inc. (“Coverys RRG”) for the second consecutive year. 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. Subsidiaries, MHA Insurance Company (“MHAIC”) and Washington Casualty Company (“WCC”), were rated separately and received an A- (Excellent) financial strength rating.
“We are pleased to receive this recognition from A.M. Best which confirms Coverys’ financial stability in an uncertain marketplace. Further, the A rating validates the decision of our board and management to continue to dedicate resources to our core competencies,” said Dr. Brenda E. Richardson, chair of the Board of Directors.
“For the second consecutive year, we are very proud to receive an A rating from A.M. Best,” said Gregg L. Hanson, CEO and president of Coverys. “The A rating is testament to the perseverance exhibited by our employees and agents. Their efforts have not been unrecognized as we continue to offer superior services and innovative products to our policyholders.”
A.M. Best, the nation’s most recognized insurance rating organization, based its independent opinion in part on Coverys’ demonstrated ability to improve profitability through fundamental enhancements including proactive rate revisions, aggressive claim administration and development of excellent loss prevention programs. A.M. Best expects Coverys to continue sound operating performance preserving financial strength throughout any insurance cycle.
The full A.M. Best report is available on the A.M. Best website at www.ambest.com. For more information about Coverys, contact Loren LeVasseur, 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 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).