ProAssurance Recognized as a Top Performer in Wardâ€™s 2007 Survey
ProAssurance Corporation (NYSE:PRA) is included in the 2007 Wardâ€™s 50, a prestigious list which recognizes top performing property-casualty insurance companies. ProAssurance is the only specialty medical malpractice carrier to be included in Wardâ€™s 2007 list.
The Ward Group analyzed over 2,700 property-casualty insurance companies from 2002 to 2006 in order to identify the best performers for inclusion in the 2007 Wardâ€™s 50. These elite companies pass a number of safety and consistency screens and must achieve superior financial performance as well.
ProAssuranceâ€™s Chief Executive Officer, W. Stancil Starnes, said, â€œRecognition from the Ward Group is a tribute to the financial discipline and operational excellence that is the goal of every employee at ProAssurance. We believe that delivering on the promises of security and service results in a loyal policyholder base that allows us to continue to increase shareholder value.â€?
Jeff Rieder, the President of Ward Group, said the Wardâ€™s 50 companies have transformed themselves in order to remain competitive and efficient in a changing environment. He explained, â€œThe best companies identify what is important to the organization and customers and focus on meeting these needs.â€?
Wardâ€™s said the organizational focus of top companies comes from strategies such as identifying market niches, achieving scale to support the business, ensuring distribution efficiency, and meeting key customer service points. Starnes agreed, and said a keen strategic focus has allowed ProAssurance to excel. He explained, â€œWeâ€™ve focused on the professional liability market for more than three decades. In that time, weâ€™ve grown to be the largest writer of medical liability insurance across our states of operation, and a dedication to service has made us the company of choice for thousands of policyholders and the top agents in our chosen markets.â€?
ProAssurance Corporation is the nation’s fourth largest writer of medical professional liability insurance through our principal subsidiaries The Medical Assurance Company, Inc., ProNational Insurance Company, NCRIC, Inc., Physicians Insurance Company of Wisconsin, Inc., and Red Mountain Casualty Insurance Company, Inc. We also write professional liability coverage through Woodbrook Casualty Insurance, Inc. ProAssurance is one of the 100 largest property-casualty insurance groups in the nation, based on Net Written Premium.