LAMMICO's financial strength rating is"A" (Excellent) by AM Best Company after 20 consecutive years of maintaining an "A-" (Excellent) rating. 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.
The ratings also apply to LAMMICO's sponsored LAMMICO Risk Retention Group Inc. The outlook for all ratings is currently stable.
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.
An "A" rating is reflective of LAMMICO’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. These ratings underscore LAMMICO's continued improvement in the financial strength and overall growth of the company.
Thomas Grimstad, M.D., LAMMICO past President and Chief Executive Officer, says, "Achieving an 'A' rating from AM 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. In 2014, 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 a regional Marketing Representative at 800.452.2120.