A.M. Best Co. has assigned a financial strength rating of “A-” (Excellent) and an issuer credit rating of “a-” to Austin, Texas-based medical professional liability insurer Advocate, MD Insurance of the Southwest Inc. The outlook assigned to both ratings is stable, A.M. Best said.
Best cited Advocate, MD’s strong risk-adjusted capital position, favorable operating performance and high policyholder retention levels, which reflect the company’s intensive focus on proper underwriting, product innovation, distribution diversification and customer service. Advocate, MD has grown to become the fourth largest writer of medical professional liability insurance in Texas, according to A.M. Best.
The ratings also consider recent acquisition of Advocate, MD by FPIC Insurance Group Inc. of Jacksonville, Fla. Although Advocate, MD will continue to operate as a stand-alone subsidiary with its current management in place, the company will benefit from being a member of a strong publicly traded organization.
Source: A.M. Best, www.ambest.com.
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