American Physicians Capital, Inc., a national provider of medical professional liability coverage and workers’ compensation through American Physicians Assurance Corporation and its other subsidiaries,
announced that Standard & Poor’s Ratings Services (S & P) reaffirmed its ‘A-‘ financial strength rating on American Physicians Assurance Corporation, its most significant wholly owned subsidiary.
President and CEO William Cheeseman said S & P cited the company’s strong capitalization, improving operating performance, and conservative balance sheet as rationale for reaffirming their rating. S & P also recognized the company’s good market position and geographic diversity.
APCapital’s increased financial flexibility due to the recent raising of $30 million through trust preferred pools also helped to support the rating. S & P maintained a negative outlook due to the uncertainties that remain in the medical malpractice insurance marketplace, primarily revolving around further rises in claim severity.
“The reaffirmation of our ‘A-‘ rating from S & P reflects our commitment to maintain a strong financial base while continuing to improve our operating results,” added Cheeseman.
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