PHOENIX: Mutual Insurance Company of Arizona (MICA) announced that AM Best affirmed its Financial Strength Rating (FSR) of A (Excellent) with a stable outlook.
AM Best also affirmed the FSR rating of the MICA Risk Retention Group, Inc. as A (Excellent), also with a stable outlook.
“As a mutual insurance company, MICA is committed to providing value to our owners,” said MICA CEO James Carland, MD.
“In periods of change and uncertainty, our physicians, physician groups, and other insureds can remain confident in having a medical professional liability insurer with MICA’s financial strength, resources, and mission-driven focus.”
In its rating report, AM Best acknowledged MICA’s financial status as the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). AM Best also recognized MICA’s long-term history of organic surplus growth despite significant policyholder dividends paid out annually over the last five years.
MICA’s operating performance remained strong with return metrics and operating ratios that outperform the medical professional liability composite and the overall property/casualty industry over the prior five-year period.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.
Mutual Insurance Company of Arizona (MICA) was created in response to a need. In 1976, a group of Arizona physicians founded a physician-owned and physician-directed mutual insurance company after the largest medical professional liability insurance carrier announced it was no longer providing coverage in the state. Since its inception, MICA has focused on the same goals and principles that led to its founding: to provide medical professional liability insurance availability, affordability, and market stability at actuarially sound, sustainable rates.
Today, MICA provides medical professional liability insurance in Arizona, Colorado, Nevada, and Utah. For 45 years, MICA has been recognized for its financial strength, claim management, careful loss reserving, risk management publications and programs, personal attention, and member focus.