A.M. Best Upgrades Credit Ratings of Some Members of Coverys Companies

June 30, 2017 by matray

On June 29, 2017, A.M. Best announced it has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) of Medical Professional Mutual Insurance Company’s (ProMutual) wholly owned subsidiaries, MHA Insurance Company (MHA), Washington Casualty Insurance Company (Washington Casualty) and Preferred Professional Insurance Company (PPIC). In addition, A.M. Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of ProMutual and its other wholly owned subsidiaries, ProSelect Insurance Company, Coverys Specialty Insurance Company, and its sponsored risk retention group, Coverys RRG, Inc. The credit rating outlook for the Coverys Group has been affirmed at stable. According to A.M. Best, the rating upgrades for MHA, Washington Casualty and PPIC are due to their strategic significance and support provided by parent company, ProMutual. The ratings of ProMutual, which are based upon the consolidation of this company with its insurance subsidiaries, are reflective of its strong balance sheet, leading market presence in the U.S. medical professional liability (MPL) insurance sector and effective use of enterprise risk management. “We were happy to learn the ratings for MHA, Washington Casualty and PPIC have been upgraded, and the ratings for ProMutual, ProSelect, Coverys Specialty and Coverys RRG were affirmed,” said Gregg Hanson, CEO and president of Coverys. “Coverys has a strong balance sheet and an investment portfolio that generates consistent investment income, contributing to positive net operating income and surplus growth.”

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