Ambest, the 109 year old credit rating agency for this industry, has pronounced and affirmed the financial strength of The Medical Protective Company, based in Fort Wayne, Indiana, granting them an AA+ rating as an insurance provider. They further state that the company’s financial strength and credit rating are both stable.
Such a rating is only given to a company with excellent capital strength, favorable performance, and a strong market position within the healthcare industry’s Professional Liability market. Other factors which are considered include an aggressive claims policy and keeping conservative reserves in recent history. The rating also considers negative potentials such as being a monoline carrier, which incurs risks of price competition, tort reform, regulatory challenges, etc.
In the case of Medical Protective, the financial support of the company’s ultimate parent organization, Berkshire Hathaway, of Omaha, Nebraska, is also considered. Berkshire Hathaway acquired Medical Protective at the end of June, 2005. Agreements with that parent company included a
50% loss portfolio transfer of existing reserves at the end of the calendar year, 2005 as well as a 50% quota share agreement on business transacted after that date.
In the overall and detailed evaluation, Medical Protective Company has proven itself an outstanding and rock-steady reliable insurance provider. Presidio is pleased and proud to count them amongst the preferred carriers it can offer to our clients.