Cooperative of American Physicians Maintains A+ Rating for Mutual Protection Trust

AM Best reaffirms the medical malpractice insurer's superior financial strength for nearly 20 years.

Published on Feb. 10, 2026

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The Cooperative of American Physicians, Inc. (CAP) announced that AM Best has reaffirmed its A+ (Superior) Financial Strength Rating for the Mutual Protection Trust (MPT), one of California's leading providers of medical malpractice coverage serving over 13,000 physicians. MPT has held this top rating for nearly two decades, highlighting its financial stability, operational performance, market position, and disciplined risk management.

Why it matters

The continued A+ rating from AM Best reinforces the financial security that CAP's physician members depend on, as the organization has a 50-year history of safeguarding physicians' careers and practices in California. This achievement also validates the consistent, disciplined approach that CAP's subsidiary, Cooperative of American Physicians Insurance Company (CAPIC), takes in providing tailored coverage and risk management solutions for large medical groups.

The details

AM Best has reaffirmed the A+ (Superior) Financial Strength Rating for the Mutual Protection Trust (MPT), with a stable outlook. MPT is one of the leading providers of medical malpractice coverage in California, serving over 13,000 physicians. The rating agency also issued an A- (Excellent) Financial Strength Rating with a stable outlook to CAP's wholly owned subsidiary, CAPIC, which specializes in medical malpractice coverage for large medical groups and provides reinsurance and additional benefits for CAP and MPT.

  • AM Best has reaffirmed MPT's A+ (Superior) rating for nearly 20 years.
  • CAP was established in 1975.

The players

Cooperative of American Physicians, Inc. (CAP)

A California-based organization that offers medical professional liability coverage to physicians through the Mutual Protection Trust (MPT).

Mutual Protection Trust (MPT)

One of California's leading providers of medical malpractice coverage, serving more than 13,000 physicians.

Cooperative of American Physicians Insurance Company (CAPIC)

A wholly owned subsidiary of CAP that specializes in medical malpractice coverage solutions for large medical groups and provides reinsurance and additional benefits for CAP and MPT.

AM Best

A global credit rating agency, news publisher, and data analytics provider specializing in the insurance industry.

Sarah Scher

Chief Executive Officer of the Cooperative of American Physicians, Inc.

Alyson Lewis

President and Chief Operating Officer of the Cooperative of American Physicians Insurance Company.

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What they’re saying

“AM Best's reaffirmation of MPT's A+ (Superior) rating reinforces the financial security our physician members depend on. CAP's longstanding mission to safeguard their careers and their practices is built upon a 50-year foundation of trust that continues to drive unprecedented growth among an extraordinary community of physician members statewide.”

— Sarah Scher, Chief Executive Officer, Cooperative of American Physicians, Inc.

“CAPIC serves healthcare organizations as both an expert and a partner, providing tailored coverage, managing risk at scale, and delivering the level of responsiveness large medical groups require and expect. AM Best's recognition of our financial strength validates the consistent, disciplined approach our broker partners and insureds rely on to protect their physicians and operations.”

— Alyson Lewis, President and Chief Operating Officer, Cooperative of American Physicians Insurance Company

The takeaway

The Cooperative of American Physicians' continued A+ (Superior) rating from AM Best underscores its longstanding commitment to providing financial stability and security for California physicians through its Mutual Protection Trust. This achievement highlights the organization's disciplined approach to risk management and its ability to adapt to the evolving needs of the medical community over its 50-year history.