After 20 consecutive years of maintaining an “Excellent” rating, A.M. Best Company upgraded LAMMICO's financial strength rating to A from A- and issuer credit ratings to “a” from “a-”. The ratings also apply to LAMMICO's sponsored LAMMICO Risk Retention Group Inc. The outlook for all ratings has been revised to stable from positive.
The world’s oldest and most authoritative source of insurer financial performance assigns the "A" rating to companies that have, in Best's opinion, an excellent ability to meet their ongoing insurance obligations. Read the A.M. Best news release in its entirety here.
What does this mean for policyholders?
LAMMICO insureds can continue to practice with confidence - confidence that coverage is stable, that legal defense is aggressive, and that reputations will be upheld with a long-standing medical professional liability insurance partner like LAMMICO.
According to A.M. Best, "The ratings are reflective of the group’s strong capitalization driven by its conservative loss reserving philosophy, consistently favorable operating performance, high policyholder retention, and leadership position in providing medical professional liability insurance coverage to physicians and surgeons, other health care practitioners and health care facilities in the state of Louisiana." The upgraded rating underscores LAMMICO's continued improvement in the financial strength and overall growth of the company.
Thomas Grimstad, M.D., LAMMICO President and Chief Executive Officer, says, "Achieving an 'A' rating from A.M. Best reinforces our dedication and conservative track record, ensuring that LAMMICO will be here to offer unparalleled service to policyholders for many years to come."
The Significance of Financial Ratings
LAMMICO received its first A- (Excellent) rating from Best in 1994 based on the company's financial results in 1993. At that time, it was a remarkable achievement for an insurance carrier to receive such a high grade on its very first rating. Last year, Best revised our rating outlook to positive from stable while affirming LAMMICO's financial strength rating of A- (Excellent). The revision of the rating outlook was a necessary first step in order for LAMMICO to receive an upgraded rating from Best.
LAMMICO’s financial picture shows we are achieving exactly what we believe our insureds should expect from Louisiana’s oldest - and largest - provider of medical professional liability insurance. And we will continue our focus on providing the same security to our insureds in Arkansas and other neighboring states. As fellow colleagues, you have our commitment to remain efficient and effective, while being flexible to meet your evolving needs.
Learn More About "A" Rated LAMMICO
Healthcare providers, hospitals, and facilities interested in applying for LAMMICO coverage can contact your local Marketing Representative.
For more information about A.M. Best Company, visit www.ambest.com.