A.M. Best Assigns Highest A++ Rating to Princeton Insurance Company
PRINCETON, NJ and FORT WAYNE, IN – May 16, 2013 Independent rating agency A.M. Best today upgraded Princeton Insurance Company’s financial strength rating to “A++ (Superior),” its highest rating, and provided a stable outlook. Acquired by Berkshire Hathaway’s Medical Protective (MedPro) at the end of 2011, Princeton is the leading protector of the assets and reputations of New Jersey healthcare providers.
“We appreciate A.M. Best recognizing Princeton’s superior financial strength, leading market presence in New Jersey and excellent operating performance,” commented Princeton President Charlie Lefevre. “Princeton now joins MedPro and its affiliates as the highest-rated healthcare liability insurer in the nation. We are stronger and better positioned because of our affiliation with MedPro, and our capabilities have grown significantly. We are excited to be delivering on our promise of greater innovative risk solutions to the New Jersey healthcare community.”
In its rating announcement, A.M. Best acknowledged “Princeton’s standalone attributes and…operating and financial support provided to Princeton through its affiliation with (MedPro) … and the ultimate parent organization, Berkshire Hathaway.”
“MedPro remains pleased to deliver on our promise that Princeton policyholders would not only continue to enjoy the same terrific local service long provided by Princeton, but also receive the industry-leading financial peace of mind and solutions that only MedPro/Berkshire bring,” commented MedPro CEO Tim Kenesey. “Charlie and his team have really delivered for New Jersey healthcare providers – with incredible retention of existing business, most winning claims results, smart risk management solutions and now unmatched financial strength. With MedPro’s support, the Princeton team has expanded prospects for growth and now has a 50% increase in opportunities and responsibilities from a year ago. When we acquired Princeton, Berkshire’s chairman Warren Buffett said: ‘We look forward to MedPro completing additional ‘add-on’ transactions with companies – like Princeton – who seek the world’s most stable home for their policyholders in a very unstable and changing healthcare liability landscape.’ Through our Princeton acquisition, we believe we have given Princeton policyholders the world’s most stable home and demonstrated to all Princeton constituents the long-term benefits of joining MedPro and Berkshire.”
“Princeton and its doctor policyholders also have played an integral role in building our Specialty Advisory Boards,” said Dr. Graham Billingham, MedPro/Princeton Chief Medical Officer. “With doctor representation across all specialties, our board members are actively involved in their colleges and medical societies, and represent a great mix of practitioners in both small and large group practices, as well as healthcare systems. Our Specialty Advisory Boards offer unique expertise and insights into solutions across the healthcare continuum, and work with MedPro/Princeton insurance experts to provide specialty-specific insights that help improve patient outcomes and decrease risk.”
Finally, Princeton – with its deep expertise in insuring not only doctors but also hospitals and healthcare systems – has helped MedPro complete “MedProvision,” a suite of customized insurance products and risk solutions that help healthcare systems and large doctor groups lower risk, resolve claims, improve outcomes, attract providers and stay ahead of healthcare evolution. For more information on MedProvision, visit www.MedPro.com/MedProvision.