AM Best has assigned preliminary credit assessments (PCA) to the insurance vehicle managed by Medical Insurance Exchange of California (MIEC), MIEC Mutual Risk Retention Group (MIEC Mutual RRG), with its financial strength assessment receiving an ‘A- pca’ (Excellent), and its long-term issuer credit assessment of ‘a- pca’ (Excellent), with a ‘stable’ outlook assigned to the PCAs. Established on 25 April 2025, MIEC Mutual RRG provides liability coverage for health care professionals and organisations, including acupuncture, and was capitalised by MIEC through a surplus note. Best says the PCAs are reflective of MIEC Mutual RRG’s ‘strongest’ level balance sheet strength, in conjunction with its adequate operating performance, limited business profile, and appropriate enterprise risk management. The agency’s PCA assignments come after the successful execution of a quota share reinsurance agreement with MIEC and the assignment of an ‘r’ reinsurance affiliation code, and, due to the noteworthy level of reinsurance support provided to MIEC Mutual RRG, MIEC’s PCAs have been afforded to its insurance vehicle.
