A.M. Best Assigns A+ Rating to Princeton Insurance Company
PRINCETON, NJ and FORT WAYNE, IN – May 4, 2012 Independent rating agency A.M. Best today assigned Princeton Insurance Company an initial financial strength rating of "A+ (Superior)." The outlook is "positive", meaning that a further upgrade – to A.M. Best's highest A++ rating – is "possible in the future" if Princeton's "favorable financial and market trends continue." Acquired by Berkshire Hathaway's Medical Protective at the end of 2011, Princeton is the leading protector of the assets and reputations of New Jersey healthcare providers.
"We appreciate A.M. Best recognizing Princeton's superior financial strength, ‘leading market presence in New Jersey and much improved operating performance'," commented Princeton President Charles Lefevre. "Princeton is now the highest-rated healthcare liability insurer based in New Jersey, and – together with MedPro – our over 19,000 New Jersey health care providers can be supremely confident in Princeton continuing to provide the strongest risk management support, aggressive claims defense and superior local customer service. With access to the national resources of MedPro, Princeton is excited to deliver on our promise of even greater innovative risk solutions to New Jersey's healthcare systems and providers."
In its rating announcement, A.M. Best acknowledged "Princeton's role within MedPro, its affiliation within [Berkshire] and the additional financial flexibility afforded to Princeton by being part of this well renowned organization" and "[i]n addition to all of these financial benefits, it is also anticipated that Princeton will receive operational support [from MedPro], which should augment actuarial, underwriting and claims practices."
"We are pleased to deliver on our promise that Princeton policyholders would not only continue to enjoy the same terrific local service long-provided by Princeton, but also receive the industry-leading financial peace of mind and solutions that only MedPro/Berkshire bring," commented MedPro CEO Tim Kenesey. "Princeton President Charlie Lefevre and his team are off to a great start, with terrific retention of existing business and – now with superior financial strength and additional solutions – significant prospects for growth. As Berkshire's chairman Warren Buffett said last fall, Princeton now has ‘the world's most stable home for their policyholders in a very unstable and changing healthcare liability landscape'."
About Princeton Insurance
Princeton Insurance is the largest healthcare professional liability insurer in New Jersey, serving the state's hospitals and individual medical and healthcare professionals continuously since 1975. With responsibility for over 19,000 healthcare providers and approximately $200 million in annual premium, Princeton is New Jersey's leader in professional liability coverage and risk solutions for healthcare providers, including hospitals, physicians, dentists, chiropractors, optometrists, podiatrists, other healthcare professionals, and other healthcare facilities. Princeton is a MedPro/Berkshire Hathaway company with an A+ (Superior) rating from A.M. Best.
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About Medical Protective
With over $800 million in annual premium, Medical Protective is a national leader in primary healthcare professional liability coverage and risk solutions for physicians, dentists, hospitals, healthcare facilities and other healthcare professionals. As the nation's first provider of healthcare professional liability insurance, Medical Protective has been protecting the assets and reputations of healthcare providers for more than 110 years. Offerings include professional liability insurance on both claims-made and occurrence forms, risk management consulting and education, premium finance solutions and – through affiliates and partners – additional products and services for healthcare providers. Healthcare professional liability insurance products are underwritten and provided by The Medical Protective Company, rated AA+ (Very Strong) by Standard & Poor's and A++ (Superior) by A.M. Best, and its affiliates on both admitted and excess and surplus paper, and are distributed through a nationwide network of employee sales managers, appointed agents and brokers. Medical Protective is a Berkshire Hathaway business. More information about Medical Protective is available at www.medpro.com.