Boston, MA (PRWEB) July 17, 2014
Coverys is pleased to announce it has been named to the 2014 Ward’s 50, a list of top performing insurance companies recognizing an organization’s outstanding performance. This is the fifth consecutive year that Coverys has been named to this prestigious list for property-casualty insurers.
Coverys, a leading provider of medical professional liability insurance, was named to the 2014 Ward’s 50 list for achieving outstanding financial results in the categories of safety, consistency and performance over a five-year period from 2009 to 2013. Ward Group analyzes over 3,000 property-casualty insurance companies annually and identifies the top performers based on objective data and subjective quality measures.
“Being named to the Ward’s 50 for the fifth consecutive year demonstrates our commitment to offering Coverys policyholders consistent financial strength and stability,” said Gregg L. Hanson, CEO and president for Coverys. “Ward Group is a respected source for comparative evaluation within the insurance industry and being named to this list once again is a considerable honor.”
Ward Group analysis of the top performers listed in the Ward’s 50 requires each organization named to this list to pass all safety and consistency screens and achieve superior performance over the past five years. Additional criteria required to be named to the list consists of:
- Surplus and premiums of at least $50 million for each of the five years analyzed
- Net income in at least four of the last five years
- Risk-based capital ratio of at least 100% for each of the five years analyzed
- Compound annual growth in premiums between -10% and +40%
- Net Written Premium divided by Gross Written Premium is greater than 50%
- Gross Written Premium divided by Net Written Premium is less than 130%
- Rank in top 10% of peer business mix benchmark group
- Must pass Ward Group’s evaluation of company operations
For more information about Coverys, contact Loren LeVasseur, public relations specialist, at (617) 946-8665 or llevasseur(at)coverys(dot)com.
Coverys is the eighth largest medical professional liability insurance provider in the country based on direct written premium. Coverys member companies insure more than 25,000 physicians, dentists, and allied healthcare providers, as well as more than 500 hospitals, health centers and clinics in 27 states from coast to coast. Coverys has net admitted assets of $3.4 billion and direct written premium of $363 million as of December 31, 2013. In addition, Coverys member insurance companies Medical Professional Mutual Insurance Company (“ProMutual”) and ProSelect Insurance Company, as well as ProMutual-sponsored Coverys RRG, Inc. have a Best’s Rating of A (Excellent). MHA Insurance Company and Washington Casualty Company have a Best’s Rating of A- (Excellent), while OHA Insurance Solutions, Inc. is not rated at this time.
Coverys emphasizes physician education and patient safety, and the company is acknowledged as a leader in providing supportive risk management services and resolute claim defense to the healthcare community. For more information, visit Coverys at http://www.coverys.com.