SOURCE: ProMutual Group

ProMutual Group

March 23, 2010 11:08 ET

ProMutual Group's A- (Excellent) Rating Reaffirmed by A.M. Best

Growing Medical Professional Liability Insurer Maintains Rating for Fourteenth Year

BOSTON, MA--(Marketwire - March 23, 2010) -  ProMutual Group, a leading provider of medical professional liability insurance, recently received its fourteenth consecutive A- (Excellent) rating from A.M. Best Company. The nation's most recognized insurance rating organization based its independent opinion in part on the company's supportive capitalization, leading market presence in most of the territories in which it operates and conservative reserving practices.

"As ProMutual Group grows into a multi-regional company, maintaining a strong rating is critical," said Richard W. Brewer, president and CEO of ProMutual Group. "The reaffirmation of ProMutual Group's Best's Rating following the acquisition of FinCor is an important indicator that we are well-positioned for continued strength and stability. Going forward, we aim to continue the conservative underwriting and reserving practices that have earned us 14 years with a Best's Rating of A- (Excellent)."

In recent years, ProMutual Group has expanded throughout New England as well as in New Jersey, Pennsylvania and into North Carolina. In September of 2009, the company acquired medical professional liability insurer FinCor Holdings, Inc. ("FinCor"), which operates in the Midwest and Pacific Northwest. The rating applies to Medical Professional Mutual Insurance Company and its subsidiary, ProSelect Insurance Company. The FinCor insurance companies are rated separately.

"With the addition of FinCor to our group, we look forward to delivering the high caliber protection and service we're known for to policyholders in territories that essentially span the country," said Brewer. "Financial stability and strength, as demonstrated by our consistently high Best's Rating, lets us deliver on this promise."

The stable financial rating outlook is based on A.M. Best Company's expectation of ProMutual Group's ability to sustain sound operating performance and balance sheet strength throughout the insurance cycle.

The full A.M. Best report is available on the A.M. Best website at www.ambest.com. For more information about ProMutual Group, visit www.promutualgroup.com, or contact Nina Akerley, public relations specialist for ProMutual Group, at (617) 946-8665 or nakerley@promutualgroup.com.

About ProMutual Group
ProMutual Group is one of the top 10 medical professional liability insurance providers in the country based on direct written premium. ProMutual Group member companies insure more than 22,000 physicians, surgeons, and dentists as well as nearly 500 hospitals, health centers and clinics in 19 states from coast to coast. ProMutual Group has net admitted assets in excess of $2.6 billion as of Dec. 31, 2009. ProMutual Group member companies Medical Professional Mutual Insurance Company, ProSelect Insurance Company and MHA Insurance Company have a Best's Rating of A- (Excellent) and Washington Casualty Company has a Best's Rating of B+ (Good). ProMutual Group is acknowledged as a leader in providing risk management and claim services to the healthcare community, and it offers risk management consultations and educational activities at cost to healthcare providers across the country. For more information, visit ProMutual Group's website at www.promutualgroup.com.

Contact Information

  • Media Contact: Nina Akerley, (617) 946-8665