PHOENIX, Sept. 17, 2024 (GLOBE NEWSWIRE) — Mutual Insurance Company of Arizona® (MICA) is pleased to announce that AM Best has reaffirmed its Financial Strength Rating (FSR) of A (Excellent) and Issuer Credit Rating (ICR) of a+ (Excellent), both with a stable outlook. Additionally, MICA Risk Retention Group Inc. received similar ratings of A (Excellent) and a+ (Excellent) with a stable outlook.
An FSR of “A” is assigned by AM Best to insurance companies that have an excellent ability to meet their ongoing insurance obligations. An ICR rating of “a+” is assigned by the rating agency to entities that have an excellent ability to meet their ongoing senior financial obligations.
“These ratings from AM Best underscore our financial strength and stability, enabling us to further our mission to protect, support and defend the practice of medicine,” said Edward G. Marley, MICA’s President and CEO. “AM Best’s rating is an affirmation of our long-standing commitment to financial security for the benefit of our policyholders.”
The AM Best report notes that “MICA maintains the strongest level of risk adjusted capitalization as measured by Best’s Capital Adequacy Ratio (BCAR).” MICA delivers strong operating results that continue to outpace the medical professional liability sector and the broader property/casualty insurance market. The report recognizes MICA’s consistent record of returning value to members through policyholder dividends and acknowledges MICA’s role as the leading MPL insurance carrier in Arizona and as a top three writer in Utah, with a record of solid policyholder retention.
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) delivers high-quality medical professional liability insurance with exceptional service to individual physicians, physician groups, advanced health care professionals, and medical facilities across Arizona, Colorado, Nevada, Montana, and Utah. As a member-owned and physician-directed mutual insurance company, MICA prioritizes its insureds first. Since its founding in 1976, MICA has earned a reputation for financial strength, effective claims management, prudent loss reserving, and a strong focus on member needs. For more information, visit www.mica-insurance.com.
CONTACT: Contact: Hana Kim Mutual Insurance Company of Arizona hkim@mica-insurance.com 602-808-2253
