A.M. Best Withdraws Ratings of Physicians Insurance Program Exchange

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best has affirmed the financial strength rating of B+ (Good) and the issuer credit rating of “bbb-” of Physicians Insurance Program Exchange (PIPE) (Upper Gwynedd, PA). The outlook for both ratings remains negative. Concurrently, A.M. Best has withdrawn the ratings upon management’s request to no longer participate in A.M. Best’s interactive rating process.

The ratings reflect PIPE’s adequate risk-adjusted capitalization and its specialty niche orientation and expertise in the medical professional liability (MPL) insurance segment. These positive rating aspects are offset by a decline in operating performance, inherent risks due to its single line concentration or risk in MPL in Pennsylvania. In addition, pressure is on the ratings due to declining premium volume, above-average expense ratios, limited financial flexibility and reinsurance coverage, as well as strong competition for market share.

This press release relates to rating(s) that have been published on A.M. Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please visit A.M. Best’s Ratings & Criteria Center.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151022006139/en/

A.M. Best
Angelo Lozano
Financial Analyst
(908) 439-2200, ext. 5169
[email protected]
or
Charles M. Huber
Assistant Vice President
(908) 439-2200, ext. 5122
[email protected]
or
Christopher Sharkey
Manager, Public Relations
(908) 439-2200, ext. 5159
[email protected]
or
Jim Peavy
Assistant Vice President, Public Relations
(908) 439-2200, ext. 5644
[email protected]

Source: A.M. Best Company, Inc.

You May Also Be Interested In

• Guardian appoints Kevin Luebbers as Head of Distribution to accelerate growth across wealth management
• BlueVoyant AI Brings Cyber Defense to Agent 365 and Purview to Supercharge AI Adoption on Microsoft 365 E7
• DesignRush Podcast, Carla Johnson Examines Why Innovation Claims Fail With Buyers