CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK - MAY 13, 2014 03:52 PM (EDT)
A.M. Best has commented that the financial strength rating (FSR) of A- (Excellent) and the issuer credit ratings (ICR) of "a-" of Preferred Professional Insurance Company (PPIC)(Omaha, NE) will remain unchanged following the announcement that it will be acquired by Coverys Companies' lead company, Medical Professional Mutual Insurance Company (MPMIC) (Boston, MA). The FSR of A (Excellent) and ICR of "a" of MPMIC are not impacted by this transaction. The outlook for all ratings is stable.
The transaction is expected to close by the end of the third quarter of 2014, subject to regulatory and PPIC shareholders' approvals.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.