PHOENIX, Sept. 15, 2022 (GLOBE NEWSWIRE) — Today Mutual Insurance Company of Arizona (MICA) announced that AM Best has once again assigned a financial strength rating of “A” (Excellent), with a corresponding long-term issuer credit rating of “a+” (Excellent) and a stable outlook. MICA Risk Retention Group, Inc. also received an AM Best “A” (Excellent) rating.
“MICA’s level of risk-adjusted capitalization is among the strongest in the medical professional liability industry as evidenced by AM Best’s evaluation,” said MICA President and CEO Ed Marley. “As a policyholder-owned and physician-directed mutual insurance company, MICA remains steadfast in its focus on assuring a solid financial foundation, enabling MICA to deliver on its commitment of availability, service and support to policyholders.”
AM Best recognized MICA’s favorable operating performance, which has outpaced the property-casualty industry and the medical professional liability composites over the past five years, in addition to its long-term history of organic surplus growth. MICA’s operating metrics allowed for a distribution of $125 million in policyholder dividends since 2017. AM Best also acknowledged MICA’s recent premium growth driven by strong renewal business, as well as its enterprise risk management competencies.
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) is a member-owned and physician-directed mutual insurance company focused on providing medical professional liability insurance. For 46 years, MICA has been recognized for its financial strength, claim management, prudent loss reserving, risk management publications and programs, personal attention, and member focus. MICA provides quality medical professional liability coverage with exceptional service to individual physicians, physician groups, advanced healthcare professionals, and medical facilities in Arizona, Colorado, Nevada, and Utah. For more information, visit https://www.mica-insurance.com.
Contact: Hana Kim
Mutual Insurance Company of Arizona