October 26, 2023 by matray

Integris Group announced today that the president and chairman of its Board of Directors, John Hornby, MD, will be retiring from both the practice of medicine and his role on the Integris Group Board of Directors on Oct. 31, 2023. Succeeding Hornby will be Mark D’Agostino, MD, whose term will begin on Nov. 1, 2023.

“The impact that Dr. Hornby has had on this company is unmistakable,” said Stephen J. Gallant, Integris Group chief executive officer. “His insights, leadership and steadfast guidance have led Integris to many years of growth — from a footprint standpoint as well as through the constantly evolving benefits and comprehensive coverage provided to our member physicians.”

Hornby joined the Integris Group (then CMIC) Board of Directors in 2006 and has been president and chairman since 2017. He also previously served as vice president of the Integris RRG Board of Directors.

“On behalf of the Company, I want to express our gratitude for Dr. Hornby’s decades of dedicated service to our policyholders and wish him all the best in his well-deserved retirement,” Gallant said. “We look forward to continuing his legacy of strategic growth, with a central focus on supporting our physician members, in the years to come.”

D’Agostino was elected president and chairman by the Integris Group Board of Directors at the September Board Meeting. He has been serving on the Integris (and prior to that, CMIC) Board of Directors since 2009. Formerly the board's treasurer and chair of the Finance & Audit committee, D’Agostino was also a member of the Governance, Claims and Executive Committees.

“Dr. D’Agostino brings a wealth of knowledge and experience to the President and Chairman role,” Gallant said. “His longevity with the company, as both a policyholder and a board member, combined with his strategic vision for the future, makes him the ideal person to lead Integris in our continued expansion.”

October 17, 2023 by matray

Integris Group announced that Clifton P. Render has been promoted to vice president of information technology.

“Clif’s leadership has been instrumental in accomplishing our strategic goals for the information technology department,” said Kirk Tweedy, Integris Group chief operating officer. “His management of an extensive data migration project, culminating in a new policy management system, and the implementation of new reporting software has both enhanced the level of data we have access to as a company and also streamlined many of our internal processes, enabling us to better serve our growing membership population.”

Before joining Integris Group in 2021 as its director of information technology, Render served as director of enterprise architecture and corporate development at ProAssurance Corp. Prior to that, he held a variety of leadership positions in the technology field.

Mr. Render earned a Bachelor of Science in Computer Science and Speech Communications from Troy University. Additionally, Mr. Render holds a Master of Engineering in Information Engineering and Management from the University of Alabama at Birmingham.

October 5, 2023 by matray

The Medical Liability Monitor Annual Rate Survey has been cataloging and analyzing medical professional liability insurance base-rates since 1991. The only source for benchmarking medical malpractice insurance rate data, this year’s Annual Rate Survey publishes premium rates effective July 1, 2023, indexed by state and county territory.

Chicago — After years of questioning when the medical professional liability (MPL) insurance market would respond to a string of underwriting losses with hardening rate increases, the 2023 Medical Liability Monitor Annual Rate Survey asks whether the MPL market may have reached maturity — a market where supply meets the demand price, and the primary goal is to retain customers and defend market share, stable profits and excess working capital.

Despite 2022 marking the ninth consecutive year the MPL industry posted an underwriting loss, results from this year’s Annual Rate Survey indicate that the rising rate trend that began in 2019 subsided slightly between 2022 and 2023. The average overall rate change for 2023 was approximately +1.6%, slightly more than half of the +3% reported in 2022. While 35% of the reported base-rates increased in 2023, this marked a subtle 2% decrease when compared to last year’s Survey results. And significant shifts occurred within the ranges of those rate increases. Specifically, increases in the 10% to 24.9% range dropped from 10% of all rates in 2022 to 4% in 2023, while increases in the 0.1% to 9.9% range rose from 27% to 31%.

Upon investigating rate filings at various departments of insurance, Annual Rate Survey authors found many companies requested rate increases significantly lower than what was indicated necessary to balance premium intake with losses, underwriting expenses and underwriting profit. It seems companies are happy to take modest rate increases and enjoy reasonable profits over adequate rate pricing.

“If the key objectives for today’s MPL companies are to retain customers while making stable profits, then most have met these goals and the dampened pricing levels we see in 2023 should be expected to continue,” said Bill Burns, Annual Rate Survey editor and Medical Professional Liability Association vice president of research and analytics. “However, there always exists the possibility that external forces could act upon the industry that necessitate restorative behaviors that include raising rates. Until such a time, it is unlikely we will see a significant jump in pricing that — based on information submitted in rate filings — appear necessary.”

In addition to its catalog of mature, base-rate premiums from every MPL insurer of significance — listed by state and county — this year’s Annual Rate Survey gives insights into:
• The average overall percentage of premium rate changes for the MPL insurance industry to see how your rates compare. • Average rate change by specialty — internal medicine, general surgery and OB/Gyn.
• Why MPL insurers will have to rely on improvements in accident-year loss ratios to generate improvement in their combined ratio. • Pricing trends by geographic region with specifics about the rate movement in your area.
• What the MPL industry’s performance in key financial metrics, such as combined ratio, return on equity, loss reserve margins, policyholder surplus and investment income, says about the market’s overall health and direction.
• Why 2022 and 2023 rate increases are comparable to those at the end of the last hard market in 2006.
• How other segments of the MPL market (hospitals, other/ancillary professionals, other facilities and nursing homes) are faring under current market conditions.
• How reinsurers view the MPL market.
• …and much more!

To order your copy of the Medical Liability Monitor Annual Rate Survey, please visit https://medicalliabilitymonitor.com/subscribe-now/ or call 312-944-7900.

October 3, 2023 by matray

Editor’s note: A longer article featuring exclusive interviews with Curi and Constellation executives will appear in the November 2023 issue of Medical Liability Monitor.

Curi Holdings and Constellation today reported the closing of their previously announced merger. With merger effectiveness, the combined company now operates under the name Curi, creating a national brand that seamlessly delivers the products, services and valued advice that healthcare providers need to thrive.

With more than $2 billion of consolidated assets and nearly $400 million in revenue, the merger builds on each company’s legacy of mutual ownership, client service and innovation to create an even stronger combined company. The merged organization now serves more than 50,000 physicians, healthcare providers and organizations across the U.S.

“We are proud to announce the completion of our merger with Constellation and even more excited for our collective future,” said Jason Sandner, Curi’s chief executive officer. “This merger represents strategic growth and investment in our company, our offerings, and our team, so that we can continue delivering on our ultimate vision—to be the trusted partner that physicians, healthcare organizations, and their families call on to drive success in their professional and personal lives.”

Both Curi and Constellation had been seeking organic and strategic growth opportunities with like-minded companies sharing aligned cultures, values and a commitment to clients. According to the two companies, the combined company carries forward a shared dedication to disciplined underwriting, proactive risk mitigation and supportive claims management in the insurance space, underscoring a deep commitment to defending good medicine. Recent investments in complementary service lines, such as wealth management, healthcare consulting and proprietary technology platforms, have also strengthened the combined company’s portfolio.

“Our clients are at the heart of everything we do, and the scale, scope and strength gained with this merger are important for keeping pace with those we serve,” said Ryan Crawford, Constellation’s former president and CEO. “The national reach of our combined organization, coupled with the expertise and localized presence of our team, will allow us to meet healthcare leaders and organizations where they are today and support them in where they want to go tomorrow.” The merger received approval from the Curi and Constellation Boards of Directors, the member-owners for both companies and all necessary regulatory bodies. The insurance company subsidiaries of Curi and Constellation are now operating under Curi’s consolidated mutual holding company, such that the policies held by their insureds will remain in force. Effective Oct. 1, 2023, Sandner continues as CEO of Curi, the consolidated mutual holding company. Crawford is now CEO of the merged Curi Insurance business. In addition, the 10 directors serving on each company’s board at closing have come together in equal representation to govern as the Board of Directors of the combined company.