A.M. Best Affirms CMIC’s “A-” (Excellent) Rating
GLASTONBURY, CT – March 3, 2009 – CMIC, a leading doctor-owned medical malpractice insurer serving Connecticut and Massachusetts, today announced A.M. Best has affirmed
it’s A- (Excellent) financial strength rating. A.M. Best’s rating affirmation reflects
CMIC’s continued financial strength, improved risk-adjusted capitalization and underwriting performance, favorable return measures and conservative loss reserving philosophy.
In 2008, CMIC experienced improved financial results and continued
membership growth. As a result, policyholders benefited from the fifth year of stable
premiums and an increase in loss experience credits. Membership increased 5.9% during
the year. Conservative business practices through sound financial pricing, investing
and reserving supported these outcomes.
“In these unsettling economic times, we are very pleased to provide
our policyholders the peace of mind our continued financial strength and stability
brings,” said Denise Funk, CEO of CMIC. “As we celebrate our 25th year of business,
we are rededicating our corporate resources to provide innovative approaches to
service our members through unmatched loss prevention resources and appropriately
priced products and services.”
A.M. Best, a full-service credit rating organization, bases their ratings on a comprehensive quantitative and qualitative analysis of a company's
balance sheet strength, operating performance and business profile. This includes
comparisons to peers and industry standards as well as assessments of operating
plans, philosophy and management.
The full A.M. Best report is available online at www.ambest.com.
About CMIC
CMIC, established as a mutual company in 1984, is a leading doctor-owned provider of professional liability insurance and services to doctors and healthcare professionals in Connecticut and Massachusetts. CMIC is rated A- (Excellent) by A.M. Best and is headquartered in Glastonbury, CT. For more information visit CMIC’s website at www.cmic.biz.
Media Contact: Wendy Barclay
Communications Specialist
80 Glastonbury Boulevard
PO Box 71
Glastonbury, CT 06033
T: 860.633.7788 ext. 288
F: 860.633.8237
E-mail: wsb@cmic.biz
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