Medical Protective's Highest Financial Strength Ratings Again Affirmed
FORT WAYNE, Ind., Dec 17, 2008 (BUSINESS WIRE) — Independent rating agency A.M. Best has again rated Medical Protective “A++”, yesterday affirming its highest possible financial strength rating. Medical Protective remains the only dedicated healthcare liability insurer to receive the highest financial strength rating from both S&P and A.M. Best.
“We appreciate A.M. Best again recognizing Medical Protective with its highest rating,” said Timothy Kenesey, President and CEO of Medical Protective. “For over a century – while so many others in the healthcare liability industry have come and gone – Medical Protective has been the one company that generations of healthcare providers have relied on. As part of Warren Buffett’s Berkshire Hathaway, Medical Protective continues to provide our over 70,000 healthcare providers with unmatched peace of mind, and remains committed to (i) retaining the highest financial strength ratings (in any market scenario), (ii) delivering the most winning and proactive defense of the reputations and assets of our healthcare providers, and (iii) providing the smartest risk management and patient safety solutions.”
A.M. Best, in affirming Medical Protective’s rating, acknowledged Medical Protective’s “excellent capital strength position, favorable operating performance and the strong market position it maintains in the medical professional liability market” as well as “the company’s substantial distribution capabilities, aggressive claims philosophy and the more conservative reserve position it has taken.” S&P had similar sentiment when commenting earlier this year on Medical Protective’s AAA rating: “Medical Protective’s ratings reflect its leading market position, effective distribution … disciplined underwriting and pricing, and prospectively strong earnings.”
Kenesey concluded: “In light of the Wall St. meltdown, widely reported banking and insurance deterioration, and the related implications to the healthcare malpractice insurance industry, many healthcare providers have begun to understand what Medical Protective’s insureds have known for decades: namely, that the strength and stability of the insurer with whom they entrust their assets, defense and reputation is paramount. As the nation’s leading healthcare liability insurer – with three times the longevity of our nearest competitor – Medical Protective is pleased to welcome the thousands of new healthcare providers who have joined us in recent months and we look forward to continuing to deliver the nation’s strongest defense of assets and reputation … not only for today, but for the long-to-resolve claims that arise years down the road.”
About Medical Protective
With over $700 million in annual premium, Medical Protective is a national leader in primary healthcare professional liability coverage and risk solutions for physicians, dentists, hospitals, healthcare facilities and other healthcare professionals. As the nation’s first provider of healthcare professional liability insurance, Medical Protective has been protecting the assets and reputations of healthcare providers for over 100 years. Offerings include professional liability insurance on both claims-made and occurrence forms, risk management consulting and education, premium finance solutions and – through affiliates and partners – additional products and services for healthcare providers. Healthcare professional liability insurance products are underwritten and provided by The Medical Protective Company, rated AAA (Extremely Strong) by Standard & Poor’s and A++ (Superior) by A.M. Best, and its affiliates on both admitted and excess and surplus paper, and are distributed through a nationwide network of employee sales managers, appointed agents and brokers. Medical Protective is a Berkshire Hathaway business. More information about Medical Protective is available at www.medpro.com.
SOURCE: Medical Protective
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