The ratings of FPIC reflect its excellent risk-adjusted capitalization, strong operating performance and high policyholder retention levels. These strengths are derived from management’s long-standing localized market knowledge and extensive understanding of the
The positive rating factors are partially offset by the inherent challenges associated with FPIC’s status as a monoline insurer in the highly cyclical medical professional liability (MPL) line of insurance. As such, the outlook is contingent upon FPIC’s cycle management capabilities and its pricing discipline.
The ratings of Advocate, MD reflect its strong risk-adjusted capital position, favorable operating performance since its formation in 2004 and high policyholder retention levels. The ratings also consider the advantages that Advocate, MD derives from being a member of a strong, publicly traded organization. FPIC’s management has demonstrated its ongoing support of Advocate, MD since its acquisition in late 2009, most notably through the execution of a significant quota share reinsurance agreement with a FPIC subsidiary,
The FSR of A- (Excellent) and ICRs of “a-” have been affirmed for
Anesthesiologists Professional Assurance Company First Professionals Insurance Company Intermed Insurance Company
The principal methodology used in determining these ratings is Best’s Credit Rating Methodology -- Global Life and Non-Life Insurance Edition, which provides a comprehensive explanation of A.M. Best’s rating process and highlights the different rating criteria employed. Additional key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies”; “Understanding BCAR for Property/Casualty Insurers”; “A.M. Best Ratings & the Treatment of Debt”, and “Rating Members of Insurance Groups.” Methodologies can be found at www.ambest.com/ratings/methodology.
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Senior Financial Analyst
Assistant Vice President
Senior Manager, Public Relations
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations