News release from MedPro Group:
MedPro Group’s A++ Ratings Affirmed by A.M. Best
Berkshire Hathaway’s dedicated healthcare malpractice solution also releases recent results and announces new industry association membership
(May 13, 2014) – MedPro Group is pleased to announce that A.M. Best has affirmed the A++ (Superior) ratings of all its Â members, including Medical Protective, Princeton Insurance and MedPro RRG. A.M. Best stated these A++ ratings “reflect the organization’s excellent capital strength, strong national business profile and extended trends of favorable Â operating performance. The continued outstanding underwriting performance is driven by disciplined underwriting standards, conservative reserving practices and a proactive claims handling philosophy. The ratings also consider the leading market position the organization holds across multiple jurisdictions.”
MedPro Group’s “leading market position” dates from its founding in 1899 and continues today, as MedPro Group announces the following highlights:
- 115th year of uninterrupted and dedicated service to the healthcare community;
- over 120,000 customers and $840 million in premium in the last year – more than any other healthcare malpractice insurance group;
- disciplined growth, not only in its doctor businesses (where MedPro Group remains in the â€˜top two’), but also now in its newer and growing health system & hospital, healthcare facility, healthcare professional, and healthcare E&S businesses (where MedPro Group is now in the â€˜top ten’);
- over 4,000 claims closed, 99% claims satisfaction scores, and industry-leading closed-without-pay and trial win rates in the last year;
- 100th anniversary of Protector – the nation’s first and longest-running healthcare malpractice risk management journal; and
- over $1.1 billion in premium credits given to its customers over the last seven years, rewarding joint efforts with customers to help improve risk management and patient safety.
“MedPro Group is pleased to receive again A.M. Best’s highest A++ rating and to remain the nation’s leading healthcare malpractice insurer,” said Tim Kenesey, MedPro Group’s President & CEO. “Since 1899 and through today, more healthcare providers choose MedPro Group than any other malpractice insurer because our unmatchedÂ financial strength, most winning defense and smartest risk solutions meet their needs in an evolving healthcare landscape. While MedPro Group’s market leadership gives our healthcare providers peace of mind, they – and their brokers and agents – also rely on the expertise from locally-delivered claims and risk management solutions and the choice that comes from the industry’s most flexible coverage options.”
MedPro Group’s century-long commitment to risk management and patient safety is evidenced by Medical Protective’s recent admission into PIAA, the healthcare malpractice industry trade association. “We are pleased to welcome Medical Protective as the newest member of PIAA,” said Ted J. Clarke, MD, chair of PIAA. “We are excited that PIAA will have a chance to work with the oldest medical professional liability company in the country, and we believe that many of the healthcare-driven initiatives they have undertaken will prove beneficial to both their members and PIAA. Medical Protective’s inclusion of physicians in its operations – for example, in its many doctorledÂ and -staffed specialty advisory boards – fits well with PIAA’s mission.”
MedPro Group’s Chief Medical Officer, Dr. Graham Billingham commented: “With over 130 doctors and other healthcare professionals serving on 18 Specialty Advisory Boards, we have combined unmatched insurance strength, expertise and commitment to healthcare providers with the clinical focus and expertise in these Advisory Boards.
MedPro Group customers then receive not only unmatched and unwavering long-term peace of mind, but also the benefits from our joint commitment to decrease claims, improve outcomes, and increase patient satisfaction and safety.”
About MedPro Group – Berkshire Hathaway’s dedicated healthcare malpractice insurance solution
As the nation’s first provider of healthcare malpractice insurance, MedPro has been protecting the assets and reputations of the healthcare community since 1899. With over $840 million in annual premium and over 120,000 customers, MedPro Group is the national leader in healthcare malpractice insurance coverage and risk managementÂ solutions for physicians, dentists and other healthcare providers, as well as for health systems, hospitals and other healthcare facilities. MedPro Group includes The Medical Protective Company, Princeton Insurance Company, and MedPro RRG; its insurance products are underwritten and provided by these and other Berkshire Hathaway affiliates – all with the highest A++ ratings from A.M. Best. Its distribution partners include a nationwide network of licensed agents, brokers and wholesalers. MedPro Group is a Berkshire Hathaway business. www.medpro.com.