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MICA is the leading medical professional liability insurer in Arizona and ranks among the largest MPL insurers in the United States on the basis of direct premium written. The company is also nationally recognized as being among the more successful MPL insurers in balancing its long-term commitment to member policyholders with the needs of the company.

A.M. Best Affirms MICA’s A (Excellent) Financial Rating
In May 2010 A.M. Best, the country’s best-known insurance rating agency, upgraded MICA’s issurer credit rating to “a+” from “a”; affirmed the company’s financial strength rating of A (Excellent); and reported that its outlook for both ratings as “stable”. Best also stated that MICA’s ratings reflect its excellent risk-adjusted capitalization, conservative operating strategy, and leadership position as a provider of medical professional liability insurance for physicians and physician groups. The ratings also take into account MICA’s commitment to reserve adequacy, pricing and expense management.

Another $30 Million Dividend to Policyholders
MICA’s policy of distributing dividends to its policyholders based on significant favorable loss development is consistent with MICA’s objective of keeping the cost of coverage as low as possible while adhering to prudent financial and insurance practices. In December 2009, MICA’s Board of Trustees authorized payment of a $30 million dividend to active, qualifying policyholders. Dividends paid to policyholders in the last three years alone amounted to $100 million; and total dividends paid since inception now total $313 million.

Audited Financial Statements
MICA’s financial statements are prepared in accordance with statutory statements of accounting principles (SSAP), in conformity with practices prescribed or permitted by the Arizona Department of Insurance. Unlike GAAP accounting, which is based on generally accepted accounting principles and emphasizes a company’s ability to generate earnings, statutory basis accounting is designed to meet the concerns of both insurance regulators and policyholders by focusing on an insurer’s ability to pay future claims.

Click here to view MICA's 2009 Statutory-Basis Financial Statements and Independent Auditors' Report.