A.M. Best Upholds Superior Rating of the Cooperative of American Physicians Mutual Protection Trust

October 31, 2018 by matray

The Cooperative of American Physicians, Inc. (CAP) today announced that the outstanding financial strength of its core product, the Mutual Protection Trust (MPT), has again earned an A+ (Superior) Rating from A.M. Best Company, a global full-service credit rating agency dedicated to serving the financial and healthcare service industries. This marks the twelfth-consecutive year MPT has achieved this rating. 

As part of its grading report, A.M. Best praised MPT for its sound invested asset base, ability to access capital at any time via member assessments, and the financial flexibility and capital strength that it maintains. The report also highlights CAP’s “favorable market position in California as the second-largest provider of MPL coverage in the state.”  

“For 12 years now, our MPT product has earned an A+ Rating from A.M. Best, a testament to the collective efforts of a team that is committed to supporting its physician members and their financial health in the most effective way possible,” says CAP CEO Sarah Pacini.

At the same time, A.M. Best acknowledged the financial strength of the Cooperative of American Physicians Insurance Company, Inc. (CAPIC), which earned a rating of A- (Excellent).  CAPIC is a wholly owned subsidiary of CAP and provides reinsurance and other benefits to CAP and its primary medical professional liability partner, MPT.

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QBE North America Creates New Healthcare Unit

October 22, 2018 by matray

Specialist insurer QBE North America has created a new healthcare unit that will be led by Cindy Oard, senior vice president, underwriting leader.

The unit, QBE Integrated Advantage for Healthcare, is comprised of healthcare professionals in underwriting, claims, and risk solutions. The team will provide a multi-line solution, including management liability, medical malpractice as well as property, auto and workers' comp coverage.

"By integrating a single specialised team, dedicated to the healthcare market, we provide integrated solutions for our customers,” said Oard. “And through our specialisation, we are responsive in applying our expertise and coverages to create the best solution possible."

The dedicated healthcare team’s range of coverages includes workers’ compensation, facultative reinsurance of captives, medical malpractice, general liability, auto among others.

Russell Johnston, CEO of QBE North America, added: “Healthcare is arguably one the largest parts of the US economy, it's growing faster than almost any other segment in the US economy and in order to service this segment well, it requires a level of applied expertise that most companies don't deliver.”

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AAOS Celebrates Passage of the Sports Medicine Licensure Clarity Act

October 5, 2018 by matray

The American Association of Orthopaedic Surgeons (AAOS) celebrated the Senate passage of the Sports Medicine Licensure Clarity Act on October 3 as part of the FAA Reauthorization Act of 2018 (H.R.302). The legislation, which AAOS has advocated for since 2015, provides legal protection for traveling team physicians and safeguards injured athletes’ timely access to healthcare professionals who best know their medical history. The bill now heads to the president’s desk to be signed into law. “For too long, team physicians have had to choose between treating patients at great professional risk or handing over care,” said David A. Halsey, MD,AAOS president. “The licensure clarity act now ensures their protection, and we thank Congress for supporting this critical legislation. Its passage represents years of hard work trying to get it across the finish line and it is a significant win—not only for practicing sports medicine professionals, but also for the large percentage of orthopaedists involved in the treatment and care of sports-related injuries.” AAOS advocacy efforts began in 2015 when, in consultation with sports medicine groups like the American Orthopaedic Society for Sports Medicine (AOSSM), we called on Congress to address this all too common scenario. In an op-ed for The Hill’s Congress Blog, we described the proposed legislation as a “common sense solution,” noting that it did not bypass state licensing rules and regulations or allow a medical professional to practice on the general population. The legislation simply clarifies that health care services provided in a secondary state will be covered by the professional’s medical liability insurance and deemed to have been provided in the professional’s primary state of licensure. “Our patients deserve the same high-quality care we can provide at home as they do when traveling across state lines,” said Wilford K. Gibson, MD,AAOS Council on Advocacy chair. “This was a long-fought effort, but well worth it. Passage of the bill means we can continue providing care to hundreds of thousands of athletes, now in a seamless, effective way.” The Senate bill (S.808) was introduced in April 2017 by Sens. John Thune (R-SD) and Amy Klobuchar (D-MN). The House version (H.R.302) passed in January 2017 and was introduced by Reps. Brett Guthrie (R-KY) and Cedric Richmond (D-LA).

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