A.M. Best Affirms Ratings of FPIC Insurance Group, Inc. and Its Subsidiaries.OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating (FSR (Free System Resource) In Windows 3.x, the amount of unused memory in various 64K blocks reserved for managing current applications. Every open window takes some space in this area. See Windows memory limitation. ) of A- (Excellent) and issuer credit ratings (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "a-" of FPIC FPIC First Professionals Insurance Company (Jacksonville, FL) FPIC Field Programmable Interconnect FPIC Federal Partnership for Interoperable Communications FPIC Field Programmable Interconnect Chip Insurance Group (FPIC) and its four pooled members, which are led by First Professionals Insurance Company (Jacksonville, FL). Concurrently, A.M. Best has affirmed the ICR of "bbb-" of FPIC's parent, FPIC Insurance Group, Inc. (Jacksonville, FL) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : FPIC). The outlook for all ratings is stable. (See below for a detailed listing of the companies and ratings.) These ratings reflect FPIC's excellent risk-adjusted capitalization, specialty expertise and leading position within the medical professional liability market, as well as solid operating prospects going forward. Through management's conservative approach to 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. and reserving, FPIC has posted favorable operating results on a consistent basis since 2002, including record bottom line results in 2007. The outlook is contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent FPIC's cycle management capabilities and price discipline. The ratings also recognize the financial flexibility at FPIC Insurance Group, Inc., which maintains modest financial leverage of 13.5% (total debt/total capital) and coverage ratios that exceed A.M. Best's requirements for the current rating level. Partially offsetting these strengths are the inherent challenges associated with largely being a single state, monoline medical malpractice Improper, unskilled, or negligent treatment of a patient by a physician, dentist, nurse, pharmacist, or other health care professional. insurer, particularly as they relate to price competition, legislative (tort) reform, loss cost trends and regulatory focus. The FSR of A- (Excellent) and ICRs of "a-" have been affirmed for FPIC Insurance Group and its following pooled members: * First Professionals Insurance Company * Anesthesiologists Professional Assurance Company * Interlex Insurance Company * Intermed Insurance Company The ICR of "bbb-" has been affirmed for FPIC Insurance Group, Inc. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. |
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