PMA Management Corp. Achieves SAS 70, Type II Compliance

PMA Management Corp., a leading Third Party Administrator (TPA) of claims and provider of risk management services, announced that it has completed a rigorous service examination by an independent auditing firm of certified public accountants, and has again achieved unqualified verification of continued SAS (Statement of Auditing Standards) 70 Type II compliance. Each year since 2004, PMA Management Corp. has attained unqualified results in SAS 70 Type II compliance, confirming that the company continues to employ effective internal controls for claims services, information system services and supporting business processes to provide TPA services to clients.

According to Frank X. Altiere III, President, PMA Management Corp., SAS 70 Type II compliance delivers significant value for clients including:

The security and assurance that their organization’s data and claims are being handled with the utmost level of accountability and oversight, and with proper safeguards in place.
Potential for better outcomes, and reduction in costs and resources due to the rigorous nature of our process and methodology. For example, clients can avoid the costs of hiring their own service auditor to conduct a similar audit to comply with the Sarbanes-Oxley Act (Section 404) or to ensure they are abiding by their own governance, and risk and compliance standards, relative to monitoring service organizations.

The independent service auditor issued PMA Management Corp. an unqualified opinion, covering a 15-month period ending December 31, 2009.

“PMA Management Corp. is among a select group of TPAs who have achieved SAS 70 Type II compliance,” said Mr. Altiere. “Our SAS 70 Type II accomplishment is a fundamental part of our best-in-class service model. We are passionate about providing our clients with exceptional service. Our SAS 70 Type II verification along with our PMA Client Satisfaction Survey results–96 percent of respondents reported that PMA meets or exceeds their service expectations–demonstrates the value and the quality of our service program.”

Issued by the American Institute of Certified Public Accountants, SAS 70 audits serve as a verification from an independent CPA firm that a service organization’s internal controls meet control and efficiency objectives. Two types of SAS 70 examinations are conducted by independent service auditors:

Type I provides a description of controls that are in place at a particular point in time.
Type II is significantly more rigorous, requiring a description of control activities and detailed independent testing of the controls’ effectiveness for a specific period of time (usually a minimum of six months.)

About PMA Management Corp.

PMA Management Corp. is a leading provider of results-driven Third Party Administrator (TPA) and risk management solutions. PMA Management Corp. works in partnership with clients–individual, captive and group self-insureds–to understand their loss drivers, optimize the claims process and implement effective risk control and cost containment initiatives.

PMA Management Corp. is one of the PMA Companies, www.pmacompanies.com, which provide risk management solutions and services, including workers’ compensation and other property & casualty insurance throughout the United States. Headquartered in Blue Bell, PA, the PMA Companies are the operating companies of PMA Capital Corporation (NASDAQ: PMACA), a holding company. In addition to PMA Management Corp., PMA Companies includes the PMA Insurance Group, specializing in workers’ compensation and other commercial property & casualty insurance products; PMA Management Corp. of New England, providing results-driven risk management services and Midlands Management Corporation, a managing general agent with a specialty in excess workers’ compensation, program administration and fee-based TPA services.

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