Rating agency AM Best has reaffirmed the A++ (superior) ratings of healthcare liability insurance carrier MedPro Group’s members.
This includes The Medical Protective Company, Princeton Insurance Company and MedPro RRG Risk Retention Group.
“These ratings reflect MedPro's excellent balance sheet strength, its favorable long-term operating performance and the significant market position it maintains in the medical professional liability line of business,” said AM Best in a release.
“The ratings also consider the group's substantial distribution capabilities and aggressive claims handling philosophy. Furthermore, these ratings continue to benefit from the implicit and explicit support provided by MedPro's ultimate parent, Berkshire Hathaway, which includes reinsurance programs, investment opportunities and capital support. AM Best recognizes the organization's strong management team, broad premium base and jurisdictional diversity.”
Established in 1899, MedPro’s achievements over the past year have included $874 million in liability premium, protecting more than 140,000 customers; growth across all segments of the healthcare industry; and the launch of its senior care division, providing a full range of insurance, claims, patient safety, and risk solutions countrywide.
Over 4,000 claims were closed with 99 percent claims satisfaction scores and industry-leading closed without pay and trial win rates. MedPro also issued over $240 million in premium credits to customers, rewarding their improved patient safety and risk reduction initiatives, with over $1.7 billion in such credits given over the last eight years.
“MedPro is pleased to again receive AM Best’s highest rating,” said Tim Kenesey, MedPro president and chief executive officer. “More healthcare providers are choosing MedPro because we provide unmatched peace of mind, expertise and choice. Our distribution partners and the healthcare providers we together serve know that MedPro is the only insurer offering complete, unique and customized healthcare liability solutions to all providers nationwide.”
AM Best, Ratings, MedPro Group, US, Berkshire Hathaway