Conventus Inter-Insurance Exchange, a leading New Jersey medical malpractice insurer, is proud to announce that the Financial Stability Rating®
(FSR) assigned to it has been upgraded to Aʹʹ (A Double Prime), Unsurpassed
, by Demotech, Inc. This is Demotech’s highest FSR, assigned to insurers who possess unsurpassed financial stability related to maintaining positive surplus for policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves (L&LAE), and realistic pricing.
“We are extremely gratified to have been assigned Demotech’s highest Financial Stability Rating®
,” said Lyn Winters, President of Conventus. “The Conventus promise to its member owners is that we will manage the company responsibly, and in the best interests of our physicians, so that we will be there for them now and in the future. This rating upgrade is further confirmation that Conventus is extremely strong financially and solidly positioned for continued growth and long-term success.”
Since its inception in December 2002, Conventus has grown significantly, with membership now almost 1,200 physician owners. Conventus’ balance sheet continues to strengthen as its membership grows. Over the 15 years since its inception, Conventus has built total surplus of more than $41 Million and key ratios that are among the best in the state. Conventus is also celebrating its eighth consecutive year of returning profit to its physician member owners through the Conventus Owner Benefit Plan, rewarding almost $13 million
in dividends and capital returns in that time.
About Demotech, Inc.
Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers. Since 1985, Demotech has served the insurance industry by assigning accurate, reliable, and proven Financial Stability Ratings®
(FSRs) for Property & Casualty insurers and Title underwriters. FSRs are a leading indicator of financial stability, providing an objective baseline of the future solvency of an insurer. Demotech’s philosophy is to review and evaluate insurers based on their area of focus and execution of their business model, rather than solely on financial size. Visit www.demotech.com
for more information.
About Conventus Inter-Insurance Exchange
As New Jersey’s premier professional liability insurer formed by and governed through an alliance of physicians, Conventus is devoted to serving the best interests of independent physician practices. Conventus members and their staff enjoy exclusive access to insurance products and highly personalized services, gaining the practical knowledge and expert resources they need to improve practice performance, better serve their patients, and remain independent. The Conventus team prides itself on being forward lookers and solution partners whose sole purpose is to help independent physician practices thrive in today’s rapidly changing healthcare environment. Learn more at www.conventusnj.com
Follow Conventus on Twitter @ConventusNJ and LinkedIn at Conventus Inter-Insurance Exchange