A.M. Best Affirms Rating of Lawyers' Professional Indemnity.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Jan. 29, 2003 A.M. Best Co. has affirmed the financial strength rating of A (Excellent) of Lawyers' Professional Indemnity Company (LAWPRO(R)) (Ontario, Canada). The rating reflects LAWPRO(R)'s profitable operating performance, strong capital position, effective management team, continued favorable loss reserve development, surplus support from its parent and overall financial strength. LAWPRO(R) is wholly owned by the Law Society of Upper Canada Upper Canada: see Ontario. , the governing body Noun 1. governing body - the persons (or committees or departments etc.) who make up a body for the purpose of administering something; "he claims that the present administration is corrupt"; "the governance of an association is responsible to its members"; "he of Ontario lawyers. LAWPRO(R) specializes in providing lawyer's professional liability coverage on a claims-made basis in Ontario, Newfoundland and Labrador Newfoundland and Labrador, province, Canada Newfoundland and Labrador (ny  `fənlənd, ny along with title insurance products in numerous jurisdictions across Canada Across Canada was an afternoon program that formerly aired on The Weather Network. The segment ran from early 1999 until mid 2002. The show ran from 3:00PM ET until 7:00 PM ET. . The company's risk-based underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. model has resulted in consistent profitable underwriting results, which combined with investment income, have contributed to the sustained internal growth of LAWPRO(R)'s capital and financial strength. In addition to managing claims, LAWPRO(R) continues to focus on risk management and member education through its practicePRO risk management and practice management program. Partially offsetting these positive rating factors is the increased exposure stemming from LAWPRO(R)'s strategic decision to forgo quota-share reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. coverage on its main Ontario program in 2003. However, A.M. Best believes that the company's disciplined management, strengthened capital position and stop-loss arrangement, ensure it is able to assume 100% of the Ontario program without compromising its financial strength. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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