The current market leaders could run into some challengers.
Missoula, MT (PRWEB) June 16, 2014
The premier insurance rating agency, A.M. Best, announced Wednesday that ALPS Property & Casualty Insurance Company continues to hold an A- (Excellent) rating with a Stable Outlook.
ALPS President & CEO, David Bell, commented: "Our customer loyalty, as illustrated by our retention rate, is one of the factors highlighted by A.M. Best as an area of distinction within the lawyers' professional liability insurance industry and the insurance industry as a whole."
In 2013, ALPS achieved the highest gross written premium in company history at $42.2 million. ALPS also grew policyholder surplus to its highest level and total assets on a consolidated GAAP basis are now beyond $149 million.
The Public Financial Strength Rating Rationale provided by A.M. Best cites several key factors for the final rating (excerpted below from A.M. Best's letter of formal notice of ALPS' rating).
"The ratings of ALPS Property & Casualty Insurance Company (ALPS) are reflective of its good risk-adjusted capital position, high policyholder retention and its geographic spread of risk. Its established relationships with various State Bar Associations aid in the production of lawyers professional liability insurance to insureds. The company's pre-tax operating performance has been positive on an overall basis during the five-year period, as prior year loss reserves have developed favorably...The positive rating factors are derived from ALPS's re-focused operating strategies, aggressive claims handling and customer-driven management philosophy…."
Bell states, "ALPS achieved a policy retention rate of 91% during 2013, which is inclusive of retirements and well above industry standards. That loyalty results from the hard working men and women who make up the ALPS family and their commitment to honesty, transparency, and customer service."
As the first multi-state, bar-related insurance company, ALPS' long-held relationships with State Bars has been mutually beneficial. State Bars are able to tap ALPS' risk management experience to help members mitigate claims and ALPS is able to market its services through the Bar. Today, ALPS is affiliated with or endorsed by 14 State Bars, more than any other legal malpractice insurance carrier in the country, regardless of size.
Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the insurance industry. Policyholders refer to Best's ratings and analysis as a means of assessing the financial strength and creditworthiness of risk-bearing entities and investment vehicles.
Since 1988, ALPS has been the preeminent provider of lawyers' professional liability insurance, with an emphasis on protection, stability, and commitment to the legal community. To read the 2013 ALPS Annual Report as well as the complete independent auditor's report and consolidated financial statements, visit http://www.alpsnet.com/annualreport2013
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