AM Best maintained its negative ratings review for Curi Insurance Group, six months after downgrading the medical professional liability insurer’s ratings because of significant adverse loss reserve development, underwriting losses and declining surplus.

The rating agency announced Oct. 16 that the insurance group’s A- (Excellent) financial strength rating and “a-” (Excellent) long-term issuer credit ratings would remain under review with negative implications.

AM Best originally downgraded Curi’s financial strength rating from A (Excellent) to A- (Excellent) and its long-term issuer credit ratings from “a” (Excellent) to “a-” (Excellent) on April 9, placing both ratings under review with negative implications (see MLM, April 13, 2026).

At the time, AM Best attributed the downgrades to significant adverse loss reserve development that had produced substantial underwriting losses and materially reduced the group’s surplus. The deterioration also contributed to increasing loss reserve metrics, rising underwriting leverage and declining liquidity.

The rating agency said Curi’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio, had declined to a level that no longer supported its highest balance sheet strength assessment.

AM Best also raised concerns about the group’s internal controls, due diligence and governance, as well as the adequacy of its pricing and underwriting practices and the possibility of additional reserve strengthening.

The agency said Curi was exploring strategies to address its ongoing issues while AM Best evaluated the group’s future capitalization and operational plans.

In its Oct. 16 announcement, AM Best acknowledged some recent improvement in Curi’s overall risk-adjusted capitalization but said the ratings would remain under review with negative implications as it continued gathering information about the group’s operational and capitalization plans through the end of 2026 and into 2027.

Despite its concerns, AM Best continues to assess Curi’s balance sheet strength as strong, its operating performance as adequate, its business profile as neutral and its enterprise risk management as appropriate.

The ratings review applies to five members of Curi Insurance Group: UMIA Insurance Inc., MMIC Insurance Inc., Medical Mutual Insurance Co. of North Carolina, Medical Security Insurance Co. and MMIC Risk Retention Group Inc.