AM Best Affirms A- (Excellent) Rating
PRESS RELEASE | OCTOBER 2022
AM BEST AFFIRMS A- “EXCELLENT” RATING FOR PHYSICIANS INSURANCE
Rating highlights mutual’s ongoing commitment to provide enduring stability for members
SEATTLE, WA, Oct 18, 2022—Physicians Insurance announced today that AM Best has affirmed its A- (Excellent) rating. The rating also applies to MedChoice RRG.
In affirming the rating, the independent rating agency noted several strengths Physicians Insurance has demonstrated in management and the marketplace, including a consistently positive net income over the past decade, prudent reserving, medical professional and hospital professional liability expertise, and an excellent market position in the Northwest. The company also has been proactive in diversifying its portfolio geographically via MedChoice, while also expanding into additional product lines that supplement its core medical professional liability business.
“Our financial strength is central to our mission of protecting our members and defending quality medicine,” said Bill Cotter, CEO of Physicians Insurance. “With every decision we make, our management is diligent in ensuring our long-term financial strength, and this rating affirms the success of our discipline, underwriting expertise, and strategic expansion to benefit our members.”
More information on AM Best’s rating of Physicians Insurance can be found here phyins.com/AMbest. To learn more about Physicians Insurance, visit phyins.com.
Physicians Insurance, a mutual insurance company, has been providing professional liability solutions to physicians, physician groups, and hospitals for more than four decades and is the largest insurer of physicians and rural critical-access hospitals in the Pacific Northwest. The company also provides excess, medical professional liability reinsurance, provider excess, health-plan reinsurance, and employer medical stop loss solutions. Insurance offerings are paired with risk-management, claims, peer support, and legal defense services that embody the company’s commitment to providing the strongest possible protection for policyholders and rigorously defending the practice of medicine. Through MedChoice, a risk-retention group, Physicians Insurance is expanding its offerings strategically nationwide. Both Physicians Insurance and MedChoice are rated A- (Excellent) by AM Best.