AM Best has revised the Long-Term Issuer Credit Rating (Long-Term ICR) outlook to stable from negative for ProAssurance Corporation and its groups members. A.M. Best also affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of “bbb+” (Good) and all existing Long-Term ICRs of ProAssurance Corporation. In addition, AM Best affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) assigned to members of the NORCAL Group.
Risk retention groups that are members of the ProAssurance Group include Preferred Physicians Medical RRG, Mutual Insurance Company and ProAssurance American Mutual, A RRG. Preferred Physicians—an RRG formed in 1987 to provide liability coverage to anesthesiologists—was acquired by the NORCAL Group in 2016. ProAssurance in turn completed its acquisition of NORCAL Group in May of 2021.
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