Fitch upgrades OHIC parent to A rating
A new acquisition by the parent company of OHIC Insurance Co. has prompted Fitch Ratings to upgrade the insurer to an A rating.
Napa, Calif.-based Doctors Co., which acquired Columbus-based medical liability carrier OHIC in January 2007, said it received the upgrade to an A, or strong, rating from an A- based on a recently announced agreement to acquire Los Angeles-based malpractice insurer SCPIE Holdings Inc. (NYSE:SKP)
Doctors said Fitch believes the pending SCPIE acquisition will raise the company’s operating profile and not affect its capital position.
The A rating, Fitch’s third-highest rating, carries a stable outlook.
Agency A.M. Best in July had assigned Doctors an A-, or “excellent,” rating with a stable outlook.
Doctors, through OHIC and four other subsidiaries, serves about 34,000 physician members nationwide, including more than 4,000 members in Ohio where it brings in $100 million in premiums in Ohio.
OHIC, established in 1978, has about 50 workers in Central Ohio.