Previously, ProAssurance Indemnity Company, Inc. was ACCME accredited from 1995 to August 2021. NORCAL Insurance Company officially joined the ProAssurance Group of companies in May 2021, and in July 2021, NORCAL received ACCME Accreditation with Commendation. Due to the timing of program expirations and reaccreditations, the two companies came together in August 2021 to provide accredited CME through joint providership with the NORCAL Accreditation with Commendation achievement. As integration continued, it was decided that now was the time to begin the 12-month process of returning to a ProAssurance ACCME accredited education program. This provisional accreditation is current from 7/22/2024 to 7/31/2026, at which time ProAssurance will apply for full accreditation.
AM Best Upgrades Issuer Rating of Medical Mutual Insurance Co. of Maine
August 15, 2024
byAM Best has upgraded the Long-Term Issuer Credit Rating to “a+” (Excellent) from “a” (Excellent) and affirmed the Financial Strength Rating of A (Excellent) of Medical Mutual Insurance Co. of Maine (MMIC). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect MMIC’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM).
These rating actions are the result of MMIC’s disciplined underwriting strategy, which has resulted in profitable underwriting income in recent years despite challenging market conditions. In addition, despite the decline in the magnitude of MMIC’s favorable reserve development on prior accident years, the company has achieved solid organic surplus growth. MMIC’s balance sheet strength also has benefited from strong liquidity measures and favorable leverage during this time. As a result, the company’s balance sheet strength has compared favorably to AM Best’s medical professional liability (MPL) composite. Furthermore, the ratings reflect the cycle management programs and review processes put into place to reduce volatility should the MPL market deteriorate in MMIC’s key jurisdictions. These positive rating factors are offset partially by the inherent market risks associated with the MPL sector as it relates to price competition, loss cost trends, regulatory challenges and changes in the overall U.S. healthcare system.
The stable outlooks are based on AM Best’s expectation that the company’s rating fundamentals for balance sheet strength, operating performance, business profile and ERM will be maintained over the medium term.