ProMutual Comments on Best’s ‘A-‘ Rating Reaffirmation

January 7, 2004

Boston-based ProMutual Group, the largest provider of medical malpractice insurance in New England, has commented favorably on the recent reaffirmation of its “A-” (Excellent) rating by A.M. Best.

The bulletin noted that Best had said the rating is based on its “independent opinion of the company’s strong financial underpinnings, overall capitalization, conservative reserve practices and underwriting initiatives.” ProMutual Group includes Medical Professional Mutual Insurance Company and ProSelect Insurance Company. The companies have held an “A-” rating since 1996.

“We see the continuation of our A- rating as an affirmation of our financial strength that we have worked hard to achieve during this troubled time for our industry,” stated ProMutual Group President and CEO Richard W. Brewer. “It is a validation of our efforts over the past year to improve our financial results by increasing rates, controlling growth, and continuing our risk management efforts.”

ProMutual Group provides medical professional liability insurance coverage to nearly 16,000 physicians, surgeons and dentists as well as hundreds of hospitals, health centers and clinics. The companies operate in Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, Rhode Island and Vermont.

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