CAP Announces Upgraded Financial Strength Rating
A.M. Best Grants 'A+' (Superior) Rating to Mutual Protection Trust
July, 2006
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LOS ANGELES, Calif., July 11, 2006 -The Cooperative of American Physicians, Inc.-Mutual Protection Trust (CAP-MPT), a provider of medical professional liability protection for more than 9,000 California physicians, has announced an upgraded A.M. Best financial strength rating of "A+" (Superior) for the Mutual Protection Trust.
MPT's rating, upgraded from its previous "A" (Excellent) mark, is the highest of all physician-owned and directed carriers in the United States.
According to A.M. Best, the rating recognizes MPT's interindemnity structure and the "advantages it gains under its unique business model which, over the years, has led to MPT's strong member retention, sustained profitability despite external market pressures and the accumulation of members' equity in the Trust Fund Corpus."
"MPT also benefits from its strict underwriting guidelines, comprehensive risk management practices and claims management strategy which, over the years, has resulted in loss experience that is more favorable than other medical malpractice insurance writers," according to A.M. Best.
The high rating is based in part on MPT's relationship with the Cooperative of American Physicians, Inc., which has helped to broaden member services, including an in-house insurance agency and a consultant referral service for member physicians' office operations.
"This positive recognition from the A.M. Best Company, the premier independent rating agency for the industry, affirms our role as a superior alternative provider of cost-effective professional liability protection services for California physicians," said James L. Weidner, chief executive officer of CAP-MPT.
A.M. Best noted that "membership in MPT continues to increase, and membership retention is very high due to the variety of services available, quality of claims handling and the claims-paid nature of the program. MPT now provides coverage to nearly 20% of the California physicians' market."
About CAP
Established in 1977, CAP today provides liability protection for the medical practices of more than 9,000 California physicians. Through rigorous underwriting, assertive claims management, and customized risk management programs, CAP is recognized as one of the most successful physician-owned medical liability companies in the U.S. Based in Los Angeles, CAP also has offices in San Diego, Orange, and Mountain View, California.
Contact: Bill West
CAP
(800) 252-7706
John Knox
Knox Communications
(415) 255-9043
Knoxee@aol.com
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