Demotech Downgrades the Financial Stability Rating® Assigned to Positive Physicians Insurance Company

Columbus, Ohio, April 5, 2024: The Financial Stability Rating® (FSR) assigned to Positive Physicians Insurance Company has been downgraded from A’ (A Prime), Unsurpassed, to A, Exceptional, by Demotech, Inc. This level of FSR is assigned to insurers who possess exceptional financial stability related to maintaining positive surplus as regards policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves (L&LAE), and realistic pricing.

FSRs summarize Demotech’s opinion of the financial stability of an insurer regardless of general economic conditions or the phase of the underwriting cycle. FSRs utilize statutory financial data based on insurance accounting principles prescribed or permitted by the National Association of Insurance Commissioners (NAIC). Since 1989, FSRs of A or better have been accepted by the major participants in the secondary mortgage marketplace.

About Positive Physicians Insurance Company

In 2004, after two years of operating as a risk retention group, Positive Physicians Insurance Exchange (PPIX) received approval from the Pennsylvania Department of Insurance to transition to an insurance exchange model, allowing PPIX to develop an optimal alternative to traditional malpractice coverage options available to physicians in Pennsylvania. Since the transition in 2004, PPIX has grown significantly to insure all specialties. In addition, PPIX expanded into New Jersey, Delaware, Ohio, and Maryland.

In January of 2017, PPIX took over the management and integration of two other Pennsylvania domiciled exchanges, Professional Casualty Association (PCA) and Physicians Insurance Program Exchange (PIPE).

On March 27, 2019, PPIX was successful in merging the three exchanges, creating Positive Physicians Insurance Company, which remains a Pennsylvania domiciled carrier admitted in 7 states: PA, NJ, DE, MD, OH, MI, and SC.

On April, 1, 2019, Positive Physicians Insurance Company was listed on NASDAQ under its holding company, Positive Physicians Holdings, Inc. (PPHI).

About Demotech, Inc.

Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers.  Since 1985, Demotech has served the insurance industry by assigning accurate, reliable, and proven Financial Stability Ratings® (FSRs) for Property & Casualty insurers and Title underwriters.  Demotech’s philosophy is to review and evaluate insurers based on their area of focus and execution of their business model rather than solely on financial size.  Demotech was the first to review and rate independent regional and specialty insurers. Demotech’s consistently increasing list of accreditations and acceptances has resulted in rating and reviewing more than 450 insurers operating in the US.  As of 7/11/2022, Demotech, Inc. is registered with the U.S. Securities and Exchange Commission (SEC) as a nationally recognized statistical rating organization (NRSRO) in the class of ratings for insurance companies.  Visit for additional information.

# # #