Financial Strength 2021
MICA is the leading medical professional liability insurer in Arizona. 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.
AM Best Financial Rating
AM Best, the country’s best-known insurance rating agency, affirmed MICA’s issuer credit rating of “a+” and the company’s financial strength rating of A (Excellent); and reports its outlook for both ratings as “stable”. Best also states that MICA’s ratings reflect its “superior risk-adjusted capitalization, long-term history of operating profitability and its leadership position in providing MPL insurance for physicians and physician groups in the states of Arizona, Utah and Colorado.”
A $20 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 2020, MICA’s Board of Trustees authorized payment of a $20 million dividend to active, qualifying policyholders. Over the last sixteen years, as beneficial owners, MICA members will have received, upon their receipt of the most recently declared dividend, their proportionate share of over $683 million in dividends.
*The dividends declared reflects the Company’s ﬁnancial performance. Past performance does not guarantee future dividends. MICA’s insurance policies have exclusions, limitations, and terms under which the policy may be continued in force or discontinued. For costs and complete details of coverage, contact MICA or your insurance agent.
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.