Medical Protective Upgraded to A++, A.M. Best’s Highest Rating
A.M. Best Co. (AM Best) upgraded Medical Protective’s financial strength rating to “A++”? (its highest) last week, citing Medical Protective’s “leading market presence in the primary medical professional liability market, distribution capabilities, aggressive claims philosophy and comparatively strong operating performance”? along with “support provided by [its] ultimate parent Berkshire Hathaway.”?
“We are proud to offer healthcare providers the best financial strength and stability available in the country,”? said Timothy Kenesey, President and Chief Executive Officer of Medical Protective. “For over a century “ while so many other carriers have come and gone “ Medical Protective has been protecting the reputations and assets of healthcare providers with the nation’s best defense and solutions. We appreciate AM Best’s recognition of our unmatched strength, and remain committed to giving healthcare providers across the country a rock-solid foundation in what continues to be a volatile medical malpractice segment.”?
Earlier in 2006, Standard & Poor’s Rating Services (S&P) “ another major insurance rating service relied on by healthcare providers and agents “ reaffirmed Medical Protective’s AAA rating (its highest) stating, “Medical Protective’s ratings reflect its leading market position, effective distribution, … disciplined underwriting and pricing, and prospectively strong earnings.”?
Kenesey continued: “As we look to the future, Medical Protective is committed to growing profitably its insurance segments, and continuing to serve healthcare providers with the nation’s (i) most secure financial strength, (ii) most winning and proactive defense, and (iii) smartest risk management solutions and patient safety education. Being part of Warren Buffett’s Berkshire Hathaway has helped us expand our offerings to healthcare providers and facilities, and has provided us with the world’s best capital support and investment management.”? Medical Protective was acquired by Berkshire Hathaway in June 2005.
Robert Ignasiak, Medical Protective’s Senior Vice President of Claims added that Medical Protective would continue to offer the nation’s best defense. “Our superior financial strength enables us to mount the most winning defense for our healthcare providers and facilities. By combining unmatched financial strength with a network of the best law firms and experts, we give our customers the peace of mind that comes from the most experienced and formidable defense of their reputations and assets, and the confidence that we’ll always be around to make any payments that may be required down the road,”? concluded Ignasiak.
About Medical Protective
With about $700 million in annual premium, Medical Protective is a national leader in primary medical professional liability coverage and risk solutions to physicians, dentists, allied healthcare providers, healthcare facilities, and professional corporations. As the nation’s first provider of medical professional liability insurance, Medical Protective has been protecting the assets and reputations of doctors and other providers of healthcare for over 100 years. Its offerings include professional liability insurance on both claims-made and occurrence forms across the healthcare spectrum, risk management consulting and education, premium finance solutions and – through affiliates and partners – additional financial products and services for its healthcare providers. Medical professional liability insurance products are underwritten by The Medical Protective Company, rated AAA (Extremely Strong) by Standard & Poor’s and A++ (Superior) by A.M. Best, and are distributed through a nationwide network of employee sales managers and appointed agents. Medical Protective is a Berkshire Hathaway company. More information about Medical Protective is available at www.medpro.com.