LANSING, Mich., April 6 FinCor Holdings, Inc., ("FinCor") (www.fincorholdings.com), a subsidiary of Medical Professional Mutual Insurance Company, a member of ProMutual Group, and a leader in the healthcare risk management and insurance industry, today announced its sixteenth consecutive Best's Rating of A- (Excellent) for the company's insurance subsidiary, MHA Insurance Company. A.M. Best also reaffirmed the B+ (Good) rating of another FinCor subsidiary, Washington Casualty Company. A.M. Best affirmed its outlook for both companies as stable.
The MHA Insurance Company has maintained its A- (Excellent) rating since 1994. A.M. Best noted the following items in its rating affirmation of MHA Insurance Company:
According to A.M. Best, the outlook and rating affirmation for Washington Casualty Company reflects the company's improved capitalization, recent overall improvement in operating results and the support of its parent company. The rating also reflects the company's conservative loss reserve position, prudent allocation of capital and knowledge of the professional liability business in the state of Washington.
In August 2009, FinCor and its subsidiaries were acquired by Medical Professional Insurance Company, the parent company of ProMutual Group. ProMutual Group is one of the top 10 medical liability insurance providers in the country, and one of the largest in the Northeast. FinCor continues to operate independently while benefiting from the support and financial strength of ProMutual Group.
"We appreciate the outstanding track record of MHA Insurance Company in demonstrating excellent operating results for such a significant span of years," said Richard W. Brewer, president and CEO of ProMutual Group. "We also look forward to the continuing recognition of improved financial strength of Washington Casualty Company," said Brewer. "As an organization, we are committed to maintaining these A.M. Best ratings, while providing our clients with the quality insurance products and services they've come to expect."
The full A.M. Best report is available on the A.M. Best website at www.ambest.com.
About FinCor Holdings, Inc.
FinCor Holdings, Inc. ("FinCor") is a subsidiary of Medical Professional Mutual Insurance Company, and a member of ProMutual Group, one of the top 10 medical professional liability insurance providers in the country based on direct written premium. ProMutual Group member companies insure more than 22,000 physicians, surgeons, and dentists as well as nearly 500 hospitals, health centers and clinics in 20 states from coast to coast. ProMutual Group has net admitted assets in excess of $2.6 billion as of Dec. 31, 2009.
ProMutual Group member companies Medical Professional Mutual Insurance Company, ProSelect Insurance Company and MHA Insurance Company have a Best's Rating of A- (Excellent) and Washington Casualty Company has a Best's Rating of B+ (Good).
ProMutual Group is acknowledged as a leader in providing risk management and claim services to the healthcare community. Through its subsidiaries, FinCor provides industry-leading insurance products and support services, including medical professional liability insurance, workers' compensation insurance and clinical risk management solutions to clients nationally.
For more information, visit www.fincorholdings.com or www.promutualgroup.com.
-- Historically conservative reserving philosophy -- Adequate risk-adjusted capitalization -- Favorable operating performance
SOURCE FinCor Holdings, Inc.