AM Best Upgrades Credit Ratings for Members of Healthcare Providers Insurance Group

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent) of Healthcare Providers Insurance Company and its reinsured affiliate, HPIC Risk Retention Group. Both companies are domiciled in Charleston, SC, and are members of Healthcare Providers Insurance Group (HPIC). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.

The ratings reflect HPIC’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

The rating upgrades reflect HPIC’s improved balance sheet strength fundamentals, driven by a stable investment portfolio that is driving consistent returns and consistently favorable reserve development. HPIC’s balance sheet strength is supported by the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). HPIC has generated solid surplus growth despite significant capital returns to members.

The stable outlooks reflect AM Best's expectation that the group will maintain its balance sheet assessment in the very strong range over the intermediate term with strong operating results contributing to surplus growth.

This press release relates to Credit Ratings that have been published on AM Best’s website. 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. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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