AM Best Assigns Credit Ratings to Professionals Advocate Risk Retention Group, Inc.

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” (Excellent) to Professionals Advocate Risk Retention Group, Inc. (ProAd RRG) (Hunt Valley, MD), a new subsidiary of Medical Mutual Liability Insurance Society of Maryland (Med Mutual). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect ProAd RRG’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

Concurrently, these rating assignments follow the successful execution of a quota share reinsurance agreement with Med Mutual and the assignment of an “r” reinsurance affiliation code. Med Mutual’s ratings have been extended to ProAd RRG due to the significant level of reinsurance support provided to ProAd RRG by Med Mutual.

ProAd RRG allows for greater underwriting flexibility in other territories. The company plans to write medical professional liability coverage. ProAd RRG was established on January 1, 2025, and was capitalized by Med Mutual’s subsidiary, Professionals Advocate Insurance Company, through a surplus note.

This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.