Boston, MA - June 29, 2017
- A.M. Best announced today it has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) of Medical Professional Mutual Insurance Company’s (ProMutual) wholly owned subsidiaries, MHA Insurance Company (MHA), Washington Casualty Insurance Company (Washington Casualty) and Preferred Professional Insurance Company (PPIC).
In addition, A.M. Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of ProMutual and its other wholly owned subsidiaries, ProSelect Insurance Company, Coverys Specialty Insurance Company, and its sponsored risk retention group, Coverys RRG, Inc. The credit rating outlook for the Coverys Group has been affirmed at stable.
The rating upgrades for MHA, Washington Casualty, and PPIC are due to their strategic significance and support provided by parent company, ProMutual. The ratings of ProMutual, which are based upon the consolidation of this company with its insurance subsidiaries, are reflective of its strong balance sheet, leading market presence in the U.S. medical professional liability (MPL) insurance sector and effective use of enterprise risk management.
“We were happy to learn the ratings for MHA, Washington Casualty, and PPIC have been upgraded and the ratings for ProMutual, ProSelect, Coverys Specialty, and Coverys RRG were affirmed,” said Gregg Hanson, CEO and president of Coverys. “Coverys has a strong balance sheet and an investment portfolio that generates consistent investment income, contributing to positive net operating income, and surplus growth.”
With a rich history dating back to 1975 and significant growth and expansion of services over the past five years, Coverys’ stable financial history, longevity, and strategic leadership choices are part of why it is ranked the sixth largest medical professional liability company in the United States based on direct premium written.
The full A.M. Best report is available on the A.M. Best website at www.ambest.com