Business News: EPS Settlements Group, NORCAL Mutual, Coverys

EPS Settlements Group recently announced the company’s refreshed brand, including its new name – Arcadia – and logo.

Arcadia was born out of a desire to create long-term financial security and an improved quality of life for injured people. The company was founded in 1972 by Gerald Sullivan and others in California after children were born with limb deformities to women who had used the drug Thalidomide during pregnancy to ease morning sickness. Arcadia developed structured settlements to address people’s long-term needs using periodic payments.

Arcadia is a Greek word meaning an ideal setting in harmony with nature. It connotes a place of shelter where people find peace, security, resolution and strength. It expresses the company’s values of care and compassion. The name is steeped in historical significance and aligned with the company’s own history as the structured settlements industry leader.

Arcadia’s leadership team believes that the new name and rebrand will deepen the relationships between its clients and Arcadia’s 160 settlement professionals. In the past year, the company has strengthened its service offerings and invested in innovative products across 50 offices serving all 50 states, Canada, Puerto Rico, Guam and the U.S. Virgin Islands.

NORCAL Mutual Insurance Company will offer medical professional liability insurance to Connecticut physicians, beginning July 1, 2017. This is the latest market entry for the insurer, which provides coverage to 36 states as well as the District of Columbia.

NORCAL provides protection for medical professionals against risks associated with practicing medicine in today’s environment, including cyber liability and practice administrative defense insurance.

A.M. Best upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) of Medical Professional Mutual Insurance Company’s (ProMutual) wholly owned subsidiaries, MHA Insurance Company (MHA), Washington Casualty Insurance Company (Washington Casualty) and Preferred Professional Insurance Company (PPIC).

In addition, A.M. Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of ProMutual and its other wholly owned subsidiaries, ProSelect Insurance Company, Coverys Specialty Insurance Company, and its sponsored risk retention group, Coverys RRG, Inc. The credit rating outlook for the Coverys Group, a medical professional liability company, has been affirmed at stable.

The rating upgrades for MHA, Washington Casualty, and PPIC are due to their strategic significance and support provided by parent company, ProMutual. The ratings of ProMutual, which are based upon the consolidation of this company with its insurance subsidiaries, are reflective of its strong balance sheet, market presence in the U.S. medical professional liability (MPL) insurance sector and effective use of enterprise risk management.