AM Best Affirms ProAssurance Credit Ratings; Upgrades NORCAL and Its Subsidiaries Ratings

On May 23, 2023, AM Best reaffirmed its “A “ (Excellent) rating of ProAssurance Group and upgraded the rating of NORCAL Insurance Company and its subsidiaries, which are now part of ProAssurance Group, to “A” (Excellent). Financial strength is a vital quality of a healthcare liability insurer. Part of our Treated Fairly pledge is ensuring stability and sound investments for our insureds.

At the same time, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) and all existing Long-Term Issue Credit Ratings (Long-Term IR) of ProAssurance Corporation (PRA). All companies are indirect subsidiaries of PRA. The outlook of these Credit Ratings (ratings) is stable.

The ratings of ProAssurance Group reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management (ERM).

The Financial Strength Rating (FSR) of “A “(Excellent) and the Long-Term ICRs of “a+” (Excellent) have been affirmed, with stable outlooks for the following members of ProAssurance Group:

• ProAssurance Casualty Company
• ProAssurance Indemnity Company, Inc.
• ProAssurance Specialty Insurance Company
• Medmarc Casualty Insurance Company
• ProAssurance Insurance Company of America
• ProAssurance American Mutual, A Risk Retention Group
• Allied Eastern Indemnity Company
• Eastern Advantage Assurance Company
• Eastern Alliance Insurance Company

The FSR has been upgraded to “A “(Excellent) from “A-“ (Excellent) and the Long-Term ICRs to “a+” (Excellent) from “a-” (Excellent) with stable outlooks for the following new members of ProAssurance Group:

• NORCAL Insurance Company
• NORCAL Specialty Insurance Company
• Medicus Insurance Company
• FD Insurance Company
• Preferred Physicians Medical Risk Retention Group, a Mutual Insurance Company

Read AM Best’s press release for more information.