July 15, 2022 by matray

AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings of “aa+” (Superior) of the members of MedPro Group. These Credit Ratings apply to The Medical Protective Co. and its affiliates: Princeton Insurance Co., PLICO Inc., Wellfleet Insurance Co, and Wellfleet New York Insurance Co; as well as MedPro’s two reinsured affiliates, MedPro RRG Risk Retention Group and AttPro RRG Reciprocal Risk Retention Group. The outlook of these Credit Ratings is stable.

The ratings reflect MedPro’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.

The ratings also acknowledge MedPro’s risk-adjusted capitalization being at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), long-term profitable operating performance and the leading market position it maintains in the medical professional liability (MPL) sector. Additionally, the ratings consider the group’s substantial distribution capabilities, prudent claims-handling philosophy and culture of holistic risk management. The group consistently outperforms peers by most metrics, illustrated by substantial returns on equity, low operating ratios and solid net underwriting income. Furthermore, the ratings benefit from the explicit and implicit financial support provided by its affiliate, National Indemnity Co., and MedPro’s ultimate parent, Berkshire Hathaway Inc., which includes reinsurance programs, investment opportunities and capital support.

Partially offsetting these positive rating factors are the inherent challenges associated with the MPL line of business, particularly as it relates to price competition, changing market dynamics, potential changes in legislation (i.e., tort reform), increasing loss cost trends and regulatory risk. At the same time, AM Best recognizes the organization’s strong management team, diversified premium base and jurisdictional diversity, which have contributed to MedPro outperforming its peers over the longer term.

The group’s large allocation to common stocks exposes it to significant volatility during periods when the equity markets experience sharp declines. The group has historically demonstrated its ability to absorb this occasional volatility due to its low underwriting leverage and the investment managers’ historical trend of success in turbulent markets.

July 12, 2022 by matray

Curi announced that its insurance arm, Curi Insurance, has been named to the Ward's 50 list of top-performing property and casualty insurance companies for 2022. Curi Insurance is the only company that specializes in physician professional liability to make the Ward's 50 list for the third year in a row.

"We're extremely proud to be recognized as a top-50 property-casualty insurer by The Ward Group," said Brad Diericx, Curi Insurance's CEO. "We remain deeply committed to the physicians and practices we serve, and our strong financial foundation and underwriting discipline will continue to be critical as we help them navigate and protect their businesses from the many challenges facing healthcare right now."

Ward Benchmarking, part of Aon, is a provider of benchmarking and best practices for the insurance industry. The group analyzes the financial performance of nearly 3,000 property-casualty companies in the U.S. every year to identify top performers. Each company on the list must pass primary safety and consistency tests and also achieve superior performance in areas such as revenue growth, surplus growth, and average combined ratio over a five-year analysis period to be included on the Ward's 50 list.

The 2022 list recognizes outstanding financial results in the areas of safety, consistency and performance from 2017 to 2021.

"It's rewarding to see the exceptional work of our Curi Insurance team recognized by Ward again this year," said Jason Sandner, Curi CEO. "The trust they've established with our policyholders and our steady insurance results have enabled Curi's continued growth—all in pursuit of our mission to help physicians in medicine, business, and life. We now reach more physicians across a broader geography than ever before, with new service lines and offerings from our Curi Advisory and Curi Capital businesses as well."

For more information on the 2022 Ward's 50 list, visit https://ward.aon.com/ward-benchmarking/wards50/.