Rating organization A.M. Best has reaffirmed its A- (Excellent) rating of medical malpractice insurer ProMutual Group for 2006.
A.M. Best said its rating is based on its independent opinion of the company’s strong financial underpinnings, overall capitalization, conservative reserve practices and underwriting initiatives.
This is the tenth consecutive year ProMutual Group has received an A- rating.
Richard W. Brewer, president and CEO of ProMutual Group, expressed confidence with A.M. Best’s findings, saying, “This acknowledgement by a highly respected rating organization indicates not only that ProMutual Group is performing well but also that the malpractice market as a whole is gaining strength. The key now is to stay the course.”
Brewer maintained that ProMutual Group remains strong despite adverse claim trends in the past and a competitive market in the states in which the company operates: Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, Rhode Island and Vermont.
ProMutual Group is the largest provider of medical malpractice liability insurance in New England, insuring more than 18,000 physicians, surgeons and dentists, as well as a large number of hospitals, health centers and clinics. ProMutual Group has $1.9 billion in admitted assets, $418 million in policyholder surplus, and $349 million in direct written premium. Based in Massachusetts, ProMutual Group member companies also operate in Connecticut, Maine, New Hampshire, New Jersey, Rhode Island and Vermont.
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