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Medical Protective Remains Nation’s Only Dedicated Medical Liability Carrier with the Highest Financial Strength Ratings from Both A.M. Best and S&P “We appreciate A.M. Best again recognizing Medical Protective with its highest rating,” said Timothy Kenesey, President and CEO of Medical Protective. “It is more tangible evidence of our industry leadership in service of healthcare providers, and of the reputation and commitment of Warren Buffett’s Berkshire Hathaway, our parent company. For over a century – while so many others in the medmal industry have come and gone –Medical Protective has been the one company that generations of healthcare providers have relied on. We will continue to serve healthcare providers with the nation’s (i) most secure financial strength, (ii) most winning and proactive defense of their assets and reputations, and (iii) smartest risk management solutions and patient safety education.” A.M. Best, while affirming Medical Protective’s rating, acknowledged Medical Protective’s “leading market presence in the primary medical professional liability market, its distribution capabilities, aggressive claims philosophy and its comparatively strong operating performance” as well as “enhanced financial flexibility…and leading business position.” S&P had similar sentiment when reaffirming earlier this year its highest rating for Medical Protective: “Medical Protective’s ratings reflect its leading market position, effective distribution … disciplined underwriting and pricing, and prospectively strong earnings.” “Despite successful tort reforms in some states and recent moderating frequency in claims in many jurisdictions, healthcare providers remain under assault from tens of thousands of frivolous lawsuits and numerous excessive verdicts,” Kenesey added. “Regrettably, there now seem to be a fair number of more aggressive start-up and some existing companies – many unwilling or unable to seek independent ratings from organizations like A.M. Best and S&P – who claim to sell healthcare providers long-term protection and security, but lack the necessary defense expertise and financial capacity to truly back it up for the long haul. In stark contrast, Medical Protective policyholders can always sleep peacefully at night, knowing that their assets and reputations will be protected from not only today’s attacks, but also from the long-to-resolve claims that arise years down the road.”
Medical Protective Remains the Nation’s Strongest Medical Liability Carrier
S&P Again Renews Medical Protective’s “AAA” Rating FORT WAYNE, IN– May 31, 2007 – Once again the independent rating agency Standard & Poor’s Rating Services (S&P) confirmed Medical Protective’s “AAA” (Extremely Strong) financial strength rating, the highest insurer financial strength rating assigned by S&P. Medical Protective continues to be the only medical liability insurer to receive S&P’s “AAA” rating and A.M. Best Company’s “A++” rating.
“The rating is based on its core status to its ultimate parent, Berkshire Hathaway Inc. (BRK), as well as Medical Protective’s leading market position, extremely strong capitalization, and strong earnings,” noted S&P. “Berkshire is strongly committed to protecting and enhancing the Medical Protective franchise. … With extremely strong parental support, Medical Protective is in position to access market opportunities, and will have the capacity to take on more risks and absorb more volatility.”
“Since 1899 – triple the longevity of our closest competitors – Medical Protective has provided the strongest and most able defense of the assets and reputations of the nations’ healthcare providers. We are pleased that S&P again has affirmed our AAA financial strength rating, and we remain committed to being the strongest and most reliable med mal carrier in the nation,” said Timothy Kenesey, President and Chief Executive Officer of Medical Protective. “As in every insurance cycle, there now seem to be a fair number of new and more aggressive existing competitors – many unwilling or unable to seek independent ratings from organizations like S&P and A.M. Best – who purport to sell healthcare providers long-term protection and security, but lack the necessary defense expertise and financial capacity. It is thus more important than ever for healthcare providers to choose a medmal carrier which has an ability to mount and fund the strongest and most-winning defense, which has the offerings and solutions to help improve patient safety and mitigate risk, and which has the financial strength to ensure that any long-standing claims never wind up their doorstep. Medical Protective is the carrier offering this peace of mind, and we remain honored that more of the nations’ healthcare providers chose Medical Protective over any other.”
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