A.M. Best Reaffirms ProMutual Group's A- (Excellent) Rating for Tenth Consecutive Year - Indicates Stable Position for Malpractice Insurer, Market -.BOSTON -- A.M. Best, the nation's leading insurance rating organization, has reaffirmed its A- (Excellent) rating of ProMutual Group for 2006. The A.M. Best rating is based on the organization's independent opinion of the company's strong financial underpinnings, overall capitalization, conservative reserve practices and 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. initiatives. This is the tenth consecutive year ProMutual Group has received an A- rating which further confirms the company's position as a leading force in the medical malpractice Improper, unskilled, or negligent treatment of a patient by a physician, dentist, nurse, pharmacist, or other health care professional. industry. Richard W. Brewer, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ProMutual Group, expressed confidence with A.M. Best's findings, saying, "This acknowledgement by a highly respected rating organization indicates not only that ProMutual Group is performing well but also that the malpractice malpractice, failure to provide professional services with the skill usually exhibited by responsible and careful members of the profession, resulting in injury, loss, or damage to the party contracting those services. market as a whole is gaining strength. The key now is to stay the course." In addition to evaluating past performance, A.M. Best's rating Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. gives an indication of how the company may be expected to perform in the future. This year the organization noted that ProMutual Group has worked to sustain its operating profitability with a leading market presence, underwriting initiatives, and conservative reserve practices. These factors combined indicate a stable outlook for ProMutual Group in 2006. Brewer noted that ProMutual Group remains strong despite adverse claim trends in the past and a competitive market in the states in which the company operates: Connecticut, Maine, Massachusetts, New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). , New Jersey, Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. and Vermont. "I am pleased that we were able to stay ahead of the curve in 2005 to accomplish our goals and that A.M. Best has recognized our efforts," said Brewer. "Such affirmation for ProMutual and the overall strengthening of the market will help ProMutual continue doing what it does best: provide security and protection to the physicians we insure. We endeavor to do this through risk management initiatives that help keep costs under control and will continue to build upon our efforts for 2006." The full A.M. Best report is available on the A.M. Best web site (www.ambest.com). About ProMutual Group ProMutual Group is the largest provider of medical malpractice liability insurance in New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. , insuring more than 18,000 physicians, surgeons and dentists, as well as a large number of hospitals, health centers and clinics. ProMutual Group has an impressive $1.9 billion in admitted assets, $418 million in policyholder surplus, and $349 million in direct written premium, and has a Best's Rating of A- (Excellent). Based in Massachusetts, ProMutual Group member companies also operate in Connecticut, Maine, New Hampshire, New Jersey, Rhode Island and Vermont. |
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