A.M. Best Affirms A+ (Superior) Rating of the Cooperative of American Physicians’ Mutual Protection Trust for 16th Consecutive Year
LOS ANGELES, Feb. 02, 2023 (GLOBE NEWSWIRE) -- The Cooperative of American Physicians, Inc. (CAP) announced that its medical professional liability coverage product, the Mutual Protection Trust (MPT), has earned a Financial Strength Rating of A+ (Superior) from A.M. Best for the 16th consecutive year.
Among several notable acknowledgments, A.M. Best recognized MPT’s “cost-effective medical professional liability services,” with a “favorable market position in California as the second-largest provider of physician professional liability coverage in the state.”
The rating reflects MPT’s ability to meet ongoing coverage and contract obligations for more than 12,500 of CAP’s physician members. MPT’s outlook was reaffirmed as stable and its strong financial flexibility, capital strength, and sound invested asset base were highlighted as part of the rating.
“Since 2006, MPT has received an A+ rating from A.M. Best, a demonstration of our ongoing prudent financial oversight and strength on behalf of our physician members and their practices,” said CAP CEO Sarah E. Scher. “As so many California physicians recognize and rely upon MPT’s protection, CAP continues to experience significant growth.”
A.M. Best also acknowledged the financial strength of the Cooperative of American Physicians Insurance Company, Inc. (CAPIC), which earned a rating of A- (Excellent). CAPIC is a wholly owned subsidiary of CAP and provides reinsurance and other benefits to its physician members.
A.M. Best is the oldest credit reporting agency, assessing the creditworthiness of over 16,000 companies worldwide; and is renowned for its financial ratings and information in the insurance industry. A.M. Best’s internationally recognized Credit Ratings summarize an organization’s ability to pay claims and debts and meet other financial obligations. For more information on A.M. Best and its rating criteria, visit www.ambest.com.
About the Cooperative of American Physicians, Inc.
The Cooperative of American Physicians, Inc. (CAP), established in 1975, offers superior medical professional liability coverage through the Mutual Protection Trust (MPT). MPT has earned an A+ (Superior) rating from A.M. Best since 2006. In 2013, CAP created CAPAssurance, a Risk Purchasing Group, allowing hospitals, facilities, and large physician groups access to top‐rated liability coverage and risk management services. CAP now supports more than 12,500 of California’s finest physicians through offices in Los Angeles, San Diego, Orange County, and Walnut Creek. CAP is licensed as a California surplus lines broker (License No. 0B72723). The insurance products provided under the CAPAssurance program are issued by a “non-admitted” or “surplus line” insurer that is not licensed by the State of California. For more information, visit www.CAPphysicians.com.
Contact: Ernest Khirallah