Standard and Poor’s has affirmed the “A-” financial strength ratings assigned to Alabama-based ProAssurance Corporation and its medical liability insurance subsidiaries.
Standard & Poor’s analysts focused on the improving operating performance in ProAssurance’s medical malpractice business and very strong earnings on its personal lines operation. Bolstering the ratings are ProAssurance’s strong capitalization, good financial flexibility, ability to implement necessary rate increases, and the group’s track record of defending claims.
“ProAssurance has always made the difficult choice to protect our balance sheet so that we can keep the promises we’ve made to our insureds. We’re pleased that the discipline is recognized by S&P, as well as by so many policyholders who value the service and claims defense that are our hallmarks,” said chairman A. Derrill Crowe.
Victor Adamo, ProAssurance’s president, noted, “At a time when so many medical liability insurers have failed, or have been forced to curtail writings because of a lack of capital, the strength and commitment of ProAssurance allows us to continue to serve our insureds in a responsible manner.”
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