Boston, MA - June 4, 2018
A.M. Best announced it has affirmed the Financial Strength Rating of A (Excellent) for Medical Professional Mutual Insurance Company (ProMutual) wholly owned subsidiaries, ProSelect Insurance Companies (ProSelect), Preferred Professional Insurance Company (PPIC), Coverys Specialty Insurance Company (Coverys Specialty), and its sponsored risk retention group, Coverys RRG, Inc.
In addition, Healthcare Underwriters Group, Inc. (HU), a Coverys company, has been assigned a Financial Strength Rating of A (Excellent). A.M. Best noted that the implementation of a quota share reinsurance agreement between HU and ProMutual provides substantial reinsurance support and new ownership gives HU policyholders access to Coverys’ exemplary patient safety and risk management programs.
“We are pleased with A.M. Best’s recognition and validation of Coverys’ financial standing,” said Gregg Hanson, CEO and president of Coverys. “Coverys’ financial strength is fundamental to the continued operational services providing policyholders progressive risk management and enhanced patient safety programs.”
“We are proud to receive an A Rating from A.M. Best for Healthcare Underwriters Group,” said Joshua Salman, CEO and president of HU. “The recognition showcases Coverys’ financial strength and the collective resources of Coverys companies and Healthcare Underwriters Group.”
The full A.M. Best report is available on the A.M. Best website at www.ambest.com.