A.M. Best Upgrades FPIC Insurance Group Financial Strength Rating to A (Excellent), Affirms The Doctors Company’s A (Excellent) Rating
Napa, California—June 27, 2012—The Doctors Company, the nation’s largest medical malpractice insurer, is pleased to announce that A.M. Best Company has assigned a financial strength rating of A (Excellent) and an issuer credit rating of "a" to the FPIC Insurance Group, a wholly owned subsidiary of The Doctors Company.
The upgraded ratings apply to the following FPIC Group members: First Professionals Insurance Company (FPIC), Anesthesiologists Professional Assurance Company (APAC), and Intermed Insurance Company. The Doctors Company completed its acquisition of FPIC and its subsidiaries in October 2011.
A.M. Best also affirmed The Doctors Company’s financial strength rating of A (Excellent) and its issuer credit rating of “a.” The A (Excellent) rating is assigned only to select companies with excellent ability to meet ongoing obligations to policyholders.
“We are pleased that the strength of this partnership has been recognized,” said Richard E. Anderson, MD, FACP, chairman and CEO of The Doctors Company. “Our combined organization provides FPIC policyholders with the financial strength of a physician-owned insurer with multiple A ratings and a commitment to relentlessly protect, defend, and reward its members.”
A.M. Best says the rating reflects FPIC's supportive risk-adjusted capitalization, strong historical operating performance, high policyholder retention levels, and the benefit of both implicit and explicit support provided by The Doctors Company.
“A.M. Best’s ratings upgrade of FPIC reaffirms that our policyholders can rely on our steadfast commitment to providing exceptional service and protection,” said Robert E. White Jr., president, First Professionals Insurance Company, and senior vice president, regional operating officer, The Doctors Company. “The Doctors Company is a proven leader in strength and stability and in protecting the careers and professional reputations of physicians. FPIC is proud to be part of The Doctors Company family of companies.”
The ratings agency also recognized The Doctors Company's excellent capitalization, long-term underwriting profitability, favorable reserve development, and leadership position in the medical professional liability market across multiple jurisdictions. An additional positive factor, A.M. Best said, is the company’s dedication to sharing its financial success with members through dividends and the Tribute® Plan.
About The Doctors Company
Founded by doctors for doctors in 1976, The Doctors Company (www.thedoctors.com) is relentlessly committed to advancing, protecting, and rewarding the practice of good medicine. The Doctors Company is the nation’s largest insurer of physician and surgeon medical liability, with 71,000 members, $4 billion in assets, an A (Excellent) rating from A.M. Best Company, and an A (Strong) rating from Fitch Ratings.
About FPIC Insurance Group, Inc.
FPIC Insurance Group, Inc., through its subsidiary companies, is a leading provider of medical professional liability insurance for physicians, dentists, and other health care providers. The largest provider of medical professional liability insurance in Florida, FPIC is a wholly owned subsidiary of The Doctors Company.