A.M. Best Upgrades Credit Ratings of Some Subsidiaries of ProAssurance Corporation
In addition,
Furthermore,
All companies are indirect subsidiaries of
Concurrently,
The rating affirmations of the group’s members reflect their strong risk-adjusted capitalization, favorable operating performance and strong business profile, primarily in the medical professional liability (MPL) insurance sector. The group’s ongoing underwriting success is credited to management’s conservative reserving practices, disciplined underwriting standards and proactive legal defense and claims-handling philosophy. The ratings also consider the group’s market position across multiple jurisdictions and diversification across multiple disciplines within the MPL space.
These ratings also acknowledge the depth and breadth of the
The rating upgrades of Medmarc and Noetic reflect their strategic importance to the group, which adds medical device product liability capabilities, full integration and significant earnings contributions. The ratings also recognize the companies’ excellent capital positions, ongoing strong operational results and market-leading positions in their field.
The rating upgrades of PICA reflect its strategic importance to the group, which broadens PRA’s MPL line of business to include podiatrists, a niche medical specialty with favorable loss parameters, full integration and significant earnings contribution, as well as its excellent capital position and ongoing profitability.
The rating affirmations of PACO reflect its supportive capital positions and generally improved operating performance since being acquired by PRA in 2010. PACO broadens PRA’s MPL lines of business to include chiropractors and acupuncturists, another niche medical specialty with favorable loss parameters. The company’s underwriting has been modestly profitable, benefiting from favorable industry trends in claims and losses in a lower-risk line of business during a softening market.
EAIG members’ and Eastern Re’s rating affirmations reflect their respective balance sheet strength, strong underwriting and overall operating performance, in addition to well-defined business profiles and an experienced, shared management team. The members of EAIG, which operate under an intercompany pooling reinsurance agreement, have been able to write new business by further expanding its programs in the eastern half of
As PRA is a publicly traded organization on the
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
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Jieqiu Fan, +1-908-439-2200, ext. 5372
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