FT. WAYNE, Ind.--Oct. 20, 2004--Standard & Poor's Ratings Services recently affirmed its 'A' counterparty credit and financial strength ratings of Medical Protective Corp., a subsidiary of GE Insurance Solutions Corporation (formerly GE Global Insurance Holdings).
S&P's outlook on Medical Protective Corp. remains stable. In its announcement, S&P stated the ratings on MedPro reflect its leading market position, effective distribution, disciplined underwriting and pricing, and prospectively strong earnings. The S&P announcement is another validation of the way we continue to run this business with discipline and a focus on our doctors, said Rick Smith, President and Chief Operating Officer of GE Insurance Solutions. Medical Protective Corp. continues to lead the primary medical malpractice segment with the strongest financial strength, underwriting discipline, and claims defense. The company continues to be a tremendous success story in what has been a very challenged medical malpractice market.
According to S&P, Medical Protective Corp. is the oldest medical professional liability company in the U.S. and ranks among the top three primary medical professional liability companies in the country based on direct premiums written.
Today's primary health care provider is looking for financial strength and stability, and for an aggressive and proactive defense of their assets and reputations, said Tim Kenesey, President of GE Insurance Solutions' Healthcare Provider business, and of Medical Protective Corp.
With S&P's financial rating affirmation, Medical Protective Corp. remains the only primary medical professional liability carrier with ratings o 'A' Stable Outlook from S&P and Excellent Stable Outlook from AM Best. This financial strength, combined with our continued industry-leading claims defense of our doctors and risk management programs, provides peace of mind and stability in an insurance segment riddled with company failures and exits.
Kenesey continued: GE Insurance Solutions has been protecting the assets and reputations of doctors for more than 100 years. Our longevity and successes are driven by our focus on health care providers who practice the type of medicine we understand in the jurisdictions we understand. By ensuring that we obtain the appropriate price for the risks we assume, we are able to maintain the long-term financial strength and winning claims results that our doctors count on. In fact, despite what at times may be higher premiums, more doctors continue to put their trust in us than in any other carrier.
Commenting on recent patient safety and tort reform efforts, GE Insurance Solutions' Lead Healthcare Provider Counsel, Trent Heinemeyer noted: In addition to our industry-leading financial strength and claims results, we have also met our doctors' needs by helping them identify and minimize their risks through classroom and web-based training programs, and by supporting local reform measures as a founding member of state organizations like Texas Alliance for Patient Access (TAPA) and national measures as a founding member of the Health Care Liability Alliance (HCLA).
Heinemeyer continued: We don't believe there is a 'silver bullet' that will solve all the problems of medical malpractice and patient safety, but we are confident that we can help drive reforms that will improve patient access to medical care and help contain the spiraling costs of medical malpractice insurance over time.
GE Insurance Solutions (NYSE:GE) is a group of companies that protects people, property and reputations. With more than $50 billion in combined assets, GE Insurance Solutions is one of the world's leading providers of commercial insurance, reinsurance and risk management services. More information is available at www.geinsurancesolutions.com.
GE Insurance Solutions' Healthcare Provider business has been protecting the assets and reputations of select physicians, dentists and other primary providers of healthcare for over 100 years. As the nation's first provider of medical professional liability insurance, its Medical Protective Corp. today has over $800 million of gross written premiums, more than $2 billion in assets, and over 75,000 customers. Medical Protective Corp. is rated 'A' (Strong) Stable Outlook by Standard & Poor's and 'A-' (Excellent) Stable Outlook by A.M. Best. More information is available at www.gemedicalprotective.com.
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CONTACT: GE Insurance Solutions Corporation
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