Standard & Poor’s Ratings Services recently affirmed its ‘A’ counterparty credit and financial strength ratings of Indiana-based Medical Protective Corp., a subsidiary of GE Insurance Solutions Corporation (formerly GE Global Insurance Holdings). S&P’s outlook on Medical Protective Corp. remains stable.
S&P stated “the ratings on MedPro reflect its leading market position, effective distribution, disciplined underwriting and pricing, and prospectively strong earnings.”
“The S&P announcement is another validation of the way we continue to run this business with discipline and a focus on our doctors,” said Rick Smith, president and COO of GE Insurance Solutions. “Medical Protective Corp. continues to lead the primary medical malpractice segment with the strongest financial strength, underwriting discipline, and claims defense. The company continues to be a tremendous success story in what has been a very challenged medical malpractice market.”
According to S&P, Medical Protective Corp. is the oldest medical professional liability company in the U.S. and ranks among the top three primary medical professional liability companies in the country based on direct premiums written.
“Today’s primary health care provider is looking for financial strength and stability, and for an aggressive and proactive defense of their assets and reputations,” said Tim Kenesey, president of GE Insurance Solutions’ Healthcare Provider business, and of Medical Protective Corp. “With S&P’s financial rating affirmation, Medical Protective Corp. remains the only primary medical professional liability carrier with ratings of ‘A’ Stable Outlook from S&P and “Excellent” Stable Outlook from AM Best. This financial strength, combined with our continued industry-leading claims defense of our doctors and risk management programs, provides peace of mind and stability in an insurance segment riddled with company failures and exits.”
Commenting on recent patient safety and tort reform efforts, GE Insurance Solutions’ Lead Healthcare Provider Counsel, Trent Heinemeyer noted: “In addition to our industry-leading financial strength and claims results, we have also met our doctors’ needs by helping them identify and minimize their risks through classroom and web-based training programs, and by supporting local reform measures as a founding member of state organizations like Texas Alliance for Patient Access (TAPA) and national measures as a founding member of the Health Care Liability Alliance (HCLA).”
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