OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has assigned a financial strength rating of A- (Excellent) and an issuer credit rating of “a-” to ISMIE Indemnity Company (ISMIE Indemnity) (Chicago, IL). The outlook assigned to both ratings is stable.
The ratings are based upon the explicit support provided by its parent, ISMIE Mutual Insurance Company (ISMIE Mutual), in the form of an intercompany quota share agreement. Administrative services for the company are also provided by ISMIE Mutual.
ISMIE Indemnity provided medical professional liability coverage for physicians employed by hospitals that were insured by the Illinois Provider Trust between 2001 and 2003. ISMIE Indemnity ceased providing coverage on Dec. 31, 2003, and now plans to offer existing ISMIE Mutual policyholders coverage for their operations in states where ISMIE Mutual is not licensed.
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