Financial Strength Rating of SCPIE Holdings' Insurance Subsidiaries Upgraded by A.M. Best
04 November 2006 - 5:15AM
Business Wire
SCPIE Holdings Inc. (NYSE:SKP) announced today that its insurance
company subsidiaries �SCPIE Indemnity Company, American Healthcare
Indemnity Company, and American Healthcare Specialty Insurance
Company � have had their financial strength rating upgraded to B+
(Very Good), a �secure� rating, by the A.M. Best Company, the
leading rating organization for the insurance industry. In
announcing the upgrade, A.M. Best said the outlook for the ratings
is stable. In addition, Best reiterated that SCPIE�s earnings
returned to profitability in 2005, �and during this most-recent
period, management has also been extremely successful in reducing
underwriting and reserve leverage, which has elevated SCPIE�s
capital adequacy to a level that is more reflective of its current
ratings.� �We are pleased that A.M. Best has taken this action,�
said Donald J. Zuk, SCPIE President and Chief Executive Officer.
�We have worked diligently over the past few years to improve our
capital adequacy ratios, and it is gratifying to see that our
turnaround strategies have been affirmed.� About SCPIE Holdings
SCPIE Holdings Inc. is a leading provider of healthcare liability
insurance for physicians, oral and maxillofacial surgeons, and
other healthcare providers, as well as medical groups and
healthcare facilities. Since the company was founded in 1976, it
has carved out a significant niche in the insurance industry by
providing innovative products and services specifically for the
healthcare community. SCPIE Holdings Inc. (NYSE:SKP) announced
today that its insurance company subsidiaries --SCPIE Indemnity
Company, American Healthcare Indemnity Company, and American
Healthcare Specialty Insurance Company -- have had their financial
strength rating upgraded to B+ (Very Good), a "secure" rating, by
the A.M. Best Company, the leading rating organization for the
insurance industry. In announcing the upgrade, A.M. Best said the
outlook for the ratings is stable. In addition, Best reiterated
that SCPIE's earnings returned to profitability in 2005, "and
during this most-recent period, management has also been extremely
successful in reducing underwriting and reserve leverage, which has
elevated SCPIE's capital adequacy to a level that is more
reflective of its current ratings." "We are pleased that A.M. Best
has taken this action," said Donald J. Zuk, SCPIE President and
Chief Executive Officer. "We have worked diligently over the past
few years to improve our capital adequacy ratios, and it is
gratifying to see that our turnaround strategies have been
affirmed." About SCPIE Holdings SCPIE Holdings Inc. is a leading
provider of healthcare liability insurance for physicians, oral and
maxillofacial surgeons, and other healthcare providers, as well as
medical groups and healthcare facilities. Since the company was
founded in 1976, it has carved out a significant niche in the
insurance industry by providing innovative products and services
specifically for the healthcare community.
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