Coverys Holds AM Best A (Excellent) Rating as Outlook Moves From Negative to Stable

Coverys said on October 29, 2026 that AM Best affirmed its Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Rating of "a" (Excellent), and revised the rating outlook from Negative to Stable. The Boston-based medical professional liability insurer holds close to $4 billion in assets. GlobeNewswire carried the announcement.

Why AM Best Moved Coverys to Stable

AM Best tied the outlook revision to Coverys' improved operating performance in recent years and through the first half of 2026. The agency cited positive pretax earnings in each of the three most recent years, consistent and growing net investment income, realized capital gains and sustained policyholder surplus growth. AM Best also affirmed risk-adjusted capitalization at the "Strongest" level under its Best's Capital Adequacy Ratio and assessed overall balance sheet strength as "Very Strong."

Joseph G. Murphy, Coverys' President and CEO, said: "AM Best's affirmation of our A (Excellent) rating and the move to a Stable outlook is a meaningful recognition of the progress we have made together through disciplined underwriting, effective claims management, and organizational focus." Murphy said the rating supports the company's push into Accident & Health and international markets alongside its core U.S. medical professional liability operations.

The affirmation covers seven rating unit members: Medical Professional Mutual Insurance Company, ProSelect Insurance Company, Preferred Professional Insurance Company, Coverys Specialty Insurance Company, Coverys Risk Retention Group, Coverys Limited and Coverys International Insurance Company DAC. AM Best also highlighted Coverys' enterprise risk management framework and strengthened executive leadership. Yahoo separately published AM Best's affirmation of Eni Insurance S.p.A.'s A financial strength rating and "a" issuer credit rating with a stable outlook.

Coverys' Board and Partnership Record

According to akta.pro company records, Coverys elected Michael L. Boguski, former president of the Specialty P&C Division at ProAssurance, to its board of directors in June 2026. In January 2026 the company entered a strategic alignment with Inspirien, a specialty healthcare insurer founded by Alabama hospitals and physicians, to expand medical malpractice offerings in the southeastern United States, with program coverage launched January 1, 2026. The same records show Coverys was founded in 1975 and has 50 years of experience protecting healthcare professionals and organizations.

Earlier Steps Toward the Rating

On October 23, 2026, AM Best revised the outlooks to stable from negative and affirmed the A financial strength rating and "a" issuer credit ratings for Coverys Companies, FinancialContent Business Page reported. In August 2026, Coverys named Walter Grote, a 35-year underwriting veteran, as chief underwriting officer to oversee underwriting functions and support its U.S. and European expansion, citybiz reported. Insurance Business America reported in October 2026 that Coverys' analysis of 403 inpatient diagnostic error events from 2021 to 2025 found general medical-surgical units accounted for 68% of claims.

What Comes Next for Coverys

Coverys' own announcement describes the rating as positioning the company for long-term growth as it expands into Accident & Health and international markets.