S&P’s affirmed the triple “Bpi” financial strength rating assigned to Salem-based Northwest Physicians Mutual Insurance Co. (NPMI). In 1998, the company, whose major states of operation are Oregon and California, had $30.8 million in surplus. Furthermore, NPMI is the largest writer of medical malpractice in the state of Oregon. Major rating factors include: extremely strong capital adequacy at year-end 1998; a 23.1 percent five-year average return on revenue; NPMI’s favorable (yet more volatile in comparison to higher-rated companies) two-year development of reserves; and an increase of 27.8 percent in net premiums written in 1998, and a 2.5 percent surplus increase.
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