A.M. Best Affirms Ratings of Members of the MedPro Group
May 27 2015 - 2:31PM
Business Wire
A.M. Best has affirmed the financial strength rating of
A++ (Superior) and the issuer credit rating of “aa+” of members of
the MedPro Group (MedPro) (headquartered in Fort Wayne,
IN).
The ratings apply to The Medical Protective Company (Fort
Wayne, IN), its affiliate, Princeton Insurance Company
(Princeton, NJ) and its two reinsured affiliates, MedPro RRG
Risk Retention Group and AttPro RRG Reciprocal Risk
Retention Group (both domiciled in the District of Columbia).
The outlook for all ratings is stable.
These ratings reflect MedPro’s excellent balance sheet strength,
its favorable long-term operating performance and the significant
market position it maintains in the medical professional liability
line of business. The ratings also consider the group’s substantial
distribution capabilities and aggressive claims handling
philosophy. Furthermore, these ratings continue to benefit from the
implicit and explicit support provided by MedPro’s ultimate parent,
Berkshire Hathaway Inc. (Berkshire) [NYSE: BRK.A and BRK.B],
which includes reinsurance programs, investment opportunities and
capital support.
Partially offsetting these positive rating factors are the
inherent challenges associated with being a mono-line medical
professional liability insurer, particularly as it relates to price
competition, changing market dynamics, potential changes in
legislative (tort) reform, increasing loss cost trends and
regulatory challenges. At the same time, A.M. Best recognizes the
organization’s strong management team, broad premium base and
jurisdictional diversity that somewhat mitigate these concerns.
The methodology used in determining these ratings is Best’s
Credit Rating Methodology, which provides a comprehensive
explanation of A.M. Best’s rating process and contains the
different rating criteria employed in the rating process. Best’s
Credit Rating Methodology can be found at
www.ambest.com/ratings/methodology.
Key insurance criteria reports utilized:
- Evaluating Non-Insurance Ultimate
Parents
- Rating Members of Insurance Groups
- Risk Management and the Rating Process
for Insurance Companies
- Understanding BCAR for
Property/Casualty Insurers
This press release relates to rating(s) that have been
published on A.M. Best's website. For all rating information
relating to the release and pertinent disclosures, including
details of the office responsible for issuing each of the
individual ratings referenced in this release, please visit A.M.
Best’s Ratings & Criteria Center.
A.M. Best Company is the world's oldest and most
authoritative insurance rating and information source. For more
information, visit www.ambest.com.
Copyright © 2015 by A.M. Best Company,
Inc. ALL RIGHTS RESERVED.
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version on businesswire.com: http://www.businesswire.com/news/home/20150527006436/en/
A.M. BestSusan Molineux, 908-439-2200, ext.
5829Senior Financial
Analystsusan.molineux@ambest.comorCharles M. Huber,
908-439-2200, ext. 5122Managing Senior Financial
Analystcharles.huber@ambest.comorChristopher Sharkey,
908-439-2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorJim Peavy,
908-439-2200, ext. 5644Assistant Vice President, Public
Relationsjames.peavy@ambest.com
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