Standard & Poor’s has lowered its counterparty credit and financial strength ratings on Oregon-based Northwest Physicians Mutual Insurance Co. to single-‘Bpi’ from triple-‘Bpi’ because of significant declines in capitalization, profitability, and liquidity following the removal of noneconomic award caps by the Oregon Supreme Court in 1999.
Northwest Physicians Mutual writes mainly medical malpractice on a claims- made basis. Nearly all (99 percent) of the company’s business lies within its major states of operations—Oregon, California, and Idaho.
The company distributes primarily through independent general agents; a wholly owned subsidiary, NPM Agency Inc.; and direct marketing.
Northwest Physicians Mutual, which began business in 1983, is licensed in Alaska, California, Hawaii, Idaho, Montana, Nevada, Oregon, and Washington.
The company, which is unaffiliated with any other insurance company, is rated on a stand-alone basis.
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