AM Best affirms ratings of Mutual Insurance Company of Arizona
September 21, 2021by
Mutual Insurance Company of Arizona (MICA) announced yesterday that AM Best affirmed its Financial Strength Rating (FSR) of A (Excellent) with a stable outlook. AM Best also affirmed the FSR rating of the MICA Risk Retention Group, Inc., as A (Excellent), also with a stable outlook.
“As a mutual insurance company, MICA is committed to providing value to our owners,” said MICA CEO James Carland, MD. “In periods of change and uncertainty, our physicians, physician groups and other insureds can remain confident in having a medical professional liability insurer with MICA’s financial strength, resources and mission-driven focus.”
In its rating report, AM Best acknowledged MICA’s financial status as the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio. Best also recognized MICA’s longterm history of organic surplus growth — despite significant policyholder dividends paid out annually over the last five years.
MICA’s operating performance remained strong with return metrics and operating ratios that outperform the medical professional liability composite and the overall property/casualty industry over the prior five-year period.