Financial Strength 2022
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.”
2021 Million Dividend to Policyholders
In December 2021, MICA's Board of Trustees declared a policyholder dividend* of $17 million to be allocated among participating policyholders who are current MICA members as of December 31, 2021. This dividend is derived from a combination of favorable claims experience and strong investment performance. Following the February 2022 dividend distribution, MICA will have returned $700 million in dividends to its policyholders since 1988, including $125 million in the last five years alone.
*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.