Boston, MA - October 3, 2012
- Leading medical professional liability insurance provider Coverys is pleased to announce that Coverys RRG, Inc. has received a financial strength rating of A- (Excellent) and an issuer credit rating of “a-” from A.M. Best Company. The outlook assigned to both ratings is positive.
A.M. Best, the nation’s most recognized insurance rating organization, based its independent opinion in part on Coverys RRG’s reinsurance agreement with Coverys member company Medical Professional Mutual Insurance Company (ProMutual). In addition to providing reinsurance support to Coverys RRG, ProMutual provides the company with administrative services. Coverys RRG also benefits from ProMutual’s leadership position in the medical professional liability market, its long-term profitable operations and the continued support for its members through excellent patient safety and risk management programs. The positive outlook is based on the organization’s ability to maintain underwriting discipline and produce favorable operating results.
“We are proud to receive this rating for the newly-founded Coverys RRG,” said Gregg L. Hanson, CEO and president of Coverys. “We understand that a strong financial base for all our member companies is imperative in ensuring the success of our services and programs, and ultimately our policyholders. We sponsored Coverys RRG to offer a dependable option for professional liability insurance and remain committed to providing our policyholders with high quality resources.”
Coverys RRG, domiciled in the District of Columbia and backed by Coverys’ longstanding financial strength and stability, provides medical professionals with an alternative way to insure themselves for professional liability exposures. The company is registered to write business in Connecticut, New Jersey and New York and is currently writing business in New York. Coverages and features include consent to settle, waived tail premiums for death, disability and permanent retirement, and competitive supplementary coverages. Coverys RRG policyholders can also benefit from Coverys’ aggressive defense and claims support and the company’s superior risk management services. Coverage is available for individual physicians and surgeons, single and multi specialty practices and organizations, dentists and allied healthcare practitioners.
All Coverys insurance member companies, including ProMutual, ProSelect Insurance Company, MHA Insurance Company and Washington Casualty Company, have a Best’s Rating of A- (Excellent). The full Coverys RRG A.M. Best report is available at www.ambest.com. For more information about Coverys, please visit www.coverys.com, or contact Katharine Gould, public relations specialist, at (617) 946-8665 or firstname.lastname@example.org.
Coverys is one of the top 10 medical professional liability insurance providers in the country based on direct written premium. Coverys member companies insure more than 20,000 physicians, surgeons, dentists, certified nurse midwives and allied healthcare providers, as well as nearly 500 hospitals, health centers and clinics in 23 states from coast to coast. Coverys is committed to financial strength and stability with net admitted assets in excess of $3.2 billion, direct written premium of $375 million and policyholder surplus of $1.1 billion, as of December 31, 2011. In addition, all Coverys insurance member companies have a Best’s Rating of A- (Excellent). Coverys emphasizes physician education and patient safety, and the company is acknowledged as a leader in providing supportive risk management services and resolute claim defense to the healthcare community. Coverys also offers a variety of interactive and relevant continuing medical education (CME) activities to healthcare providers across the country. For more information visit the Coverys website at www.coverys.com. Timely industry and company news can also be found on the Coverys blog at coverys.wordpress.com, on Twitter (@Coverys) and on the company’s Facebook page.