PHOENIX, Sept. 06, 2023 (GLOBE NEWSWIRE) — Today, Mutual Insurance Company of Arizona® (MICA) announced that AM Best has affirmed its Financial Strength Rating (FSR) of A (Excellent) and its Issuer Credit Rating (ICR) of a+ (Excellent) both with a stable outlook. MICA Risk Retention Group, Inc. also received a rating of A (Excellent), a+ (Excellent) with a stable outlook.
“MICA is proud of its continued financial excellence as exemplified by our approach to business and the ongoing recognition by AM Best,” said MICA President and CEO Ed Marley. “MICA’s commitment to the independent physicians, advanced health care professionals, and group practices we cover remains stronger than ever. The people at MICA live our mission every day, and we are committed to bringing value to our members.”
In its rating report, AM Best recognized that MICA maintains the strongest level of risk-adjusted capitalization while maintaining a strong record of distributing policyholder dividends. MICA continues to deliver strong operating results that outperform the medical professional liability composite and the overall property/casualty industry. AM Best also recognized MICA’s significant market knowledge and expertise and its ability to appropriately assess and manage risk.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. 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 see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings.
About Mutual Insurance Company of Arizona
Mutual Insurance Company of Arizona ® (MICA) provides quality medical professional liability coverage with exceptional service to individual physicians, physician groups, advanced health care professionals, and medical facilities in Arizona, Colorado, Nevada, and Utah. As a member-owned and physician-directed mutual insurance company, MICA puts its insureds first. Since 1976, MICA has been recognized for its financial strength, claim management, prudent loss reserving, risk management publications and programs, personal attention, and member focus. For more information, visit https://www.mica-insurance.com.
Contact: Hana Kim
Mutual Insurance Company of Arizona
hkim@mica-insurance.com
602-808-2253
