LOS ANGELES, Sept. 17, 2012 (GLOBE NEWSWIRE) -- The medical professional liability products managed by the Cooperative of American Physicians, Inc. (CAP) have received top financial strength ratings from A.M. Best Company.
For six consecutive years, the Mutual Protection Trust (MPT) has earned Best's A+ (Superior) rating. The A- (Excellent) rating for the Cooperative of American Physicians Insurance Company, Inc., a risk retention group (CAPIC-RRG), repeats last year's rating. Both programs retain a Stable outlook classification.
CAP's Chief Executive Officer James L. Weidner says, "We're proud that A.M. Best Company has recognized the exceptional financial strength and stability of CAP's MPT and CAPIC-RRG products. These ratings speak to the outstanding financial stability of these programs despite marketplace fluctuations."
As an unincorporated interindemnity arrangement, MPT operates pursuant to Section 1280.7 of the California Insurance Code and is governed by a seven-physician Board of Trustees. CAPIC-RRG is a wholly owned subsidiary of the Cooperative of American Physicians, Inc. Formed in 2002 to provide supplemental reinsurance to MPT, CAPIC was relicensed by the Captive Administrator for the State of Hawaii in 2011 as an association risk retention group. As a risk retention group, CAPIC-RRG offers medical professional liability protection to physicians in large medical groups.
A.M. Best Company's Financial Strength Ratingsare an independent opinion of an organization's financial strength and ability to meet its ongoing coverage and contract obligations.
About the Cooperative of American Physicians, Inc.
The Cooperative of American Physicians, Inc. was established in 1975 by a group of California physicians to manage the escalating cost of medical professional liability coverage. Two years later, CAP formed the Mutual Protection Trust, which today provides protection to nearly 12,000 of California's finest physicians, and which has earned an A+ (Superior) rating from A.M. Best continuously since 2006. Based in Los Angeles, CAP also has offices in San Diego, Orange County, Sacramento, and Palo Alto. For more information, visit www.CAPphysicians.com.
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