A.M. Best Affirms Credit Ratings of Members of MedPro Group

July 18, 2017 by matray

A.M. Best recently affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings of “aa+” of the members of MedPro Group. These Credit Ratings (ratings) apply to The Medical Protective Company (Fort Wayne, IN), its affiliates, Princeton Insurance Company (Princeton, NJ), PLICO, Inc. (Oklahoma City, OK), Commercial Casualty Insurance Company (Fort Wayne, IN) and Atlanta International Insurance Company (Flushing, NY), and its two reinsured affiliates, MedPro RRG Risk Retention Group and AttPro RRG Reciprocal Risk Retention Group (both domiciled in the District of Columbia). The outlook of these ratings is stable. According to Best, the ratings reflect MedPro’s excellent balance sheet strength, long-term operating performance, and the significant market position it maintains in the medical professional liability (MPL) sector. The ratings also consider the group's substantial distribution capabilities and prudent claims handling philosophy. Furthermore, the ratings benefit from the explicit and implicit financial support provided by the 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 being a predominately mono-line MPL insurer, particularly as they relate to price competition, changing market dynamics, potential changes in legislative (tort) reform, increasing loss cost trends and regulatory challenges. At the same time, A.M. Best recognizes the organization's strong management team, broad premium base and jurisdictional diversity that mitigate these concerns.

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Stephen J. Gallant Joins CMIC Group as Chief Operating Officer

July 11, 2017 by matray

CMIC, a mutual medical professional liability insurance company, announced that Stephen J. Gallant of Glastonbury, Conn., has joined the CMIC Group team as its new Chief Operating Officer. Mr. Gallant has more than 20 years of experience in the insurance industry. Most recently, he served as Senior Vice President of MMG Insurance Company, a property and casualty carrier headquartered in Maine. Additionally, he had also worked for MMG Insurance Company as the Vice President of Marketing and Assistant Vice President of Accounting. Mr. Gallant received his B.S. in Business Administration and M.S. in Business from Husson College in Bangor, Maine. He also completed Executive Development Programs at Dartmouth College, Tuck Business School in Hanover, N.H. “Stephen brings a long, successful history of managing a variety of departments to CMIC Group,” said Denise Funk, Chief Executive Officer of CMIC Group. “His proven track record of growth and expansion will prove to be an asset to the company as we continue to enhance our services to our current membership and expand our services to cover new regions and policyholders.” CMIC Group includes both CMIC and its member affiliate, CMIC Risk Retention Group (CMIC RRG). CMIC Group is a leader in developing innovative insurance programs, services, and solutions for physicians, doctors, healthcare providers, hospitals, and facilities dating back to the origins of CMIC in 1984.  For more information, visit the CMIC Group website at www.cmic.biz.  

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Michael P. Conneely, CPA, Joins CMIC Group as Director of Finance

July 11, 2017 by matray

CMIC, a mutual medical professional liability insurance company, announced today that Michael Conneely, CPA of Wethersfield, Conn., has joined the CMIC Group team as its new Director of Finance. Mr. Conneely has more than 25 years of business and accounting experience, including 17 years in the insurance industry. He spent the most recent 14 years in financial roles supporting several distinct business lines at Travelers Insurance. Prior to that, he worked in a variety of financial roles in the insurance industry, including roles with a prominent reinsurer as well as seven years with Deloitte & Touche. Mr. Conneely received his B.S. cum laude in Accounting from the University of Connecticut.“Michael brings an impressive and in-depth financial background to CMIC Group,” said Denise Funk, Chief Executive Officer of CMIC Group. “His vast experience in the financial sector and across various facets of the insurance industry will further enhance CMIC’s long history of financial diligence and stability.” CMIC Group includes both CMIC and its member affiliate, CMIC Risk Retention Group (CMIC RRG). CMIC Group is a leader in developing innovative insurance programs, services, and solutions for physicians, doctors, healthcare providers, hospitals, and facilities dating back to the origins of CMIC in 1984.  For more information, visit the CMIC Group website at www.cmic.biz.

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