Risk Strategies Acquires Professional Risk Associates

January 26, 2024 by matray

Risk Strategies, a national specialty insurance brokerage and risk management firm, announced it has acquired Professional Risk Associates, Inc. (PRA), a Virginia-based specialty healthcare insurance agency helping medical professionals manage a range of risks and liabilities. Terms of the deal were not disclosed.

Founded in 1989 and licensed in 36 states, PRA counts over 6,000 medical professionals as clients nationwide, with much of its business focused in the mid-Atlantic region. Primarily focused on helping physicians manage their medical professional liability risks, the firm also offers clients specialized help with many of the exposures present in a modern medical practice, including government regulatory coverage, cyber liability, workers compensation, management liability and business owner’s policies.

“True specialty expertise is critical when working with physicians and addressing the unique risks they face,” said Chris Zuccarini, medical malpractice leader, National Healthcare Practice, Risk Strategies. “PRA’s experience and focus on the physician business makes them a perfect fit for our organization. We are extremely excited to welcome the team at PRA to our National Healthcare Practice and the Risk Strategies family.”

The Risk Strategies National Healthcare Practice focuses exclusively on the healthcare industry. With more than 30 years of experience in healthcare risk and liability and a reputation for innovation, Risk Strategies believes PRA fits perfectly with its commitment to specialization.

“As the healthcare market evolves and its risks and liabilities become more complicated, expertise, specialization, and scale are vital to solving client problems,” said Steve Fargis, PRA executive vice president. “Joining Risk Strategies, a true specialty broker, expands our current services and allows us to draw on new resources for our clients while giving our business a national platform.”  

EmPRO Insurance Expands Footprint with First New Jersey Office

January 25, 2024 by matray

EmPRO Insurance Co., a subsidiary of Physicians’ Reciprocal Insurers, announced today the opening of its first office in New Jersey, marking a significant milestone in the company’s strategic expansion plan throughout the Northeast. This new venture, based in Hamilton, N.J., is guided by Brian Kriger, EmPRO’s newly appointed vice president of underwriting.

“Our expansion into New Jersey is a natural progression in our mission to provide exceptional medical malpractice insurance services throughout the Northeast,” said Bruce Shulan, EmPRO CEO. “Under Brian’s seasoned leadership, we’re confident in extending EmPRO’s standard of excellence to New Jersey’s healthcare professionals, provider groups, hospitals, and other facilities. Our innovative approach, backed by strong financials, makes us uniquely qualified to navigate this market.”

According to EmPRO, Kriger has overseen some of New Jersey’s largest and most complex medical malpractice insurance policies and exposures and joins EmPRO after a 17-year tenure at New Jersey-based MDAdvantage Insurance Co. where he was vice president of underwriting.

“I am thrilled to join EmPRO at this pivotal juncture,” said Kriger. “Leveraging my experience in New Jersey’s unique market, we’re positioned to deliver unparalleled service and support to the medical community here.”

“EmPRO’s growth in New York’s competitive medical malpractice insurance landscape is a testament to our deep understanding, innovative solutions, and unwavering commitment to the healthcare community,” Shulan said. “As we expand into New Jersey, we are poised to replicate this success.

“Our unique strength lies in our ability to navigate high-density, high-stakes environments that are characteristic of Northeastern markets. With our robust financial foundation, cutting-edge risk management, and a personalized approach to each policyholder’s needs, EmPRO will deliver unparalleled value and security to New Jersey’s medical professionals.”

EmPRO expects to make inroads with the more than 30,000 licensed doctors in the state.

Garrett P. Cronin Promoted to Chief Underwriting Officer at Integris Group

January 23, 2024 by matray

Integris Group announced the promotion of Garrett Cronin to chief underwriting officer at Integris Group.

Cronin has more than 25 years of experience in the insurance industry. He joined Integris in 2018 as director of underwriting and was promoted to the vice president of underwriting and member services in 2020. Cronin oversaw the integration of a new internal policy administration system and managed the Integris’ underwriting strategies, rate reviews and filings, and ancillary product development. As Integris Group’s new chief underwriting officer, Cronin will oversee the underwriting departments at both Integris Insurance Co. and the recently acquired MedMal Direct Insurance Co (MDIC).

“Garrett’s vast and varied underwriting experience, as well as his history and achievements while heading the Integris underwriting department, make him the ideal person to lead our merged teams into this exciting new chapter for the company,” said Stephen J. Gallant, chief executive officer of Integris Group. “I am confident his expertise and knowledge will lead to tremendous benefits for Integris and MDIC policyholders.”

Alera Group Acquires CLS Healthcare Liability Specialists

January 22, 2024 by matray

Alera Group, an independent national insurance and financial services firm, announced the acquisition of Florida-based CLS Healthcare Liability Specialists (CLS).

With more than 25 years of experience, CLS serves the medical community as an independent agency specializing in creative medical malpractice insurance solutions for physicians, surgeons, hospitals, locum tenens firms, nurse staffing firms and other entities in the healthcare industry.

"Medical and locum tenens staffing organizations have complex healthcare liability concerns,” said Mark W. Ledger, president at CLS. “With our long-standing experience in this area, we have developed custom insurance solutions to address the needs of these unique companies better than anyone in the industry.”

“CLS has continually delivered exceptional services and solutions to their clients and will be a great addition to Alera Group’s Healthcare Liability Team,” said Alan Levitz, CEO of Alera Group. “We are confident that they will enhance our malpractice services and bring their perspectives, experiences and collaborative mindset to our fast-growing presence nationwide.”

The CLS team will continue serving clients in their existing roles. Terms of the transaction were not announced.

Medical Liability Monitor January 2024 issue highlights

January 11, 2024 by matray

Below are some headlines and article synopses from the January 2024 issue of Medical Liability Monitor. To read the articles in entirety, please subscribe today.

What Happens When Private Equity Takes Over a Hospital
Patients are more likely to fall, get new infections or experience other forms of harm during their stay in a hospital after it is acquired by a private equity firm, according to a new study led by researchers at Harvard Medical School. Published last month in JAMA, the research is among a handful of recent nationwide analyses of how private equity takeovers affect the quality of patient care in hospitals. The findings come amid growing concerns about private equity’s increasing role in U.S. healthcare, with $1 trillion invested during the past decade …

How Electronic Health Records Contribute to Diagnostic Error in Ambulatory Settings
In a recent qualitative study approved by the Oregon Health Sciences University institutional review board, researchers examined the relationship between electronic health records (EHRs) and diagnostic errors, shedding light on the critical role EHRs play as the central repository for clinical information required for diagnostic accuracy. The study analyzed closed medical liability claims data from the CRICO malpractice insurance database, which represents more than 550 healthcare facilities, and highlights the urgent need for ongoing efforts to optimize EHR design, enhance interoperability, provide comprehensive training and establish robust safety surveillance measures to minimize diagnostic errors …

CRICO Reorganizes as Reciprocal RRG
In a strategic move aimed at improving operational efficiency, Controlled Risk Insurance Company Ltd. reorganized from a limited company to a reciprocal risk retention group. The reorganization took effect on Dec. 29, 2023, with CRICO Reciprocal inheriting all assets, rights, interests and responsibilities from CRICO Ltd. The CRICO insurance program includes all of the Harvard medical institutions and their affiliates, providing coverage to 32 hospitals, 17,000 physicians, more than 325 other healthcare organizations, and more than 130,000 other clinicians and employees …

Washington Supreme Court Overturns Medical Liability Statute of Repose
The Washington State Supreme Court ruled last month that a statute barring medical liability lawsuits filed more than eight years after the date of injury — even if the patient is unable to determine the cause of their injury within that time frame — violates the state’s constitution. In a 7-2 opinion, the Court determined the eight-year statute of repose limits specific plaintiffs from bringing medical malpractice claims and grants immunity to certain defendants from defined common law causes of action, violating the privileges and immunities clause of the Washington State Constitution, article I, section 12, guaranteeing “no law shall be passed granting to any citizen, class of citizens, or corporation other than municipal, privileges or immunities which upon the same terms shall not equally belong to all citizens, or corporations” …

ATRF Publishes Annual ‘Judicial Hellholes’ Report, Medical Professional Liability Again Plays Determining Role
The American Tort Reform Foundation (ATRF) issued its 2023/2024 Judicial Hellholes report last month. The annual release documents abuses of the civil justice system in jurisdictions the pro-tort reform group says are among the most unfair and out of balance in the United States. The ATRF is a branch of the American Tort Reform Association (ATRA), an umbrella organization exclusively dedicated to reforming the nation’s court system via a network of state-based liability-reform coalitions. As every year, medical professional liability issues played a significant role in which regions/jurisdictions received mention in the Judicial Hellholes report …

AHT Insurance Launches Psychedelic Therapy Liability Coverage
AHT Insurance last month launched TheraCover Psychedelics Insurance. TheraCover provides liability insurance protection for professionals and companies involved in bringing lawful uses of psychedelic medical therapies to market. According to the insurer, the risks and emerging exposures that those involved in psychedelics research face are among of the most challenging in the marketplace. TheraCover is designed to provide essential risk transfer, leveraging BRP Group’s suite of casualty insurance coverages — e.g. medical professional liability, general liability and cyber liability — to protect firms, leaders and professionals from third-party claims …

FTC Chief Gears up for a Showdown with Private Equity in Healthcare
A recent Federal Trade Commission lawsuit accusing one of the nation’s largest anesthesiology groups of monopolistic practices that drove up prices sharply is a warning to private equity (PE) investors that could temper their big push to snap up physician groups. During the past three years, FTC and Department of Justice officials have signaled they would apply more scrutiny to PE acquisitions in healthcare, including roll-up deals in which larger provider groups buy smaller groups in a local market ...

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MagMutual Partners with UpToDate to Offer Malpractice Risk Reduction Strategies at the Point of Care

January 9, 2024 by matray

In partnership with UpToDate, a clinical decision support tool, MagMutual Insurance Co. is now providing its proprietary risk management advice to physicians at the point of care. When a MagMutual policyholder searches on specific conditions in UpToDate, the website will offer information about actions and care strategies to reduce the risk of unexpected medical outcomes.

“Advice is a core component of our offerings to insureds, and with the integration of our risk strategies with UpToDate, we're redefining how we deliver invaluable risk information to physicians,” said William S. Kanich, MD, JD, executive chairperson of MagMutual. “Instead of hindsight, they'll gain the foresight needed to improve their practice of medicine, which benefits both the policyholder and their patients.”

The company's malpractice risk reduction group, The Institute at MagMutual, has analyzed decades of claims data and, in collaboration with The Institute's medical faculty, developed strategies that physicians can use to improve their patient care and avoid claims. The information provided on demand in UpToDate is based on those efforts and is available only to the company's policyholders, who receive free access to UpToDate from MagMutual.

“We know the effectiveness of advice is maximized when it's actionable, relevant and delivered at the time of care,” said Mark Poling, MagMutual's chief customer officer. “MagMutual is combining technology innovation, data and analytics with a highly regarded physician-centric channel to offer information to our providers when it will be most useful, changing the practice environment and patient outcomes for the better.”

The California Medical Association Selects The Doctors Company as Its Exclusive MPL Insurance Company Corporate Sponsor

December 15, 2023 by matray

The California Medical Association (CMA), representing nearly 50,000 physicians, has chosen The Doctors Company as its exclusive medical professional liability insurance company (MPLI) corporate sponsor.

"We are honored to be the exclusive MPLI corporate sponsor of the California Medical Association. We are steadfastly committed to supporting the medical profession in California and continue to empower physicians and advance healthcare excellence in our home state," said Richard E. Anderson, MD, FACP, chairman and chief executive officer, The Doctors Company and TDC Group. "CMA and The Doctors Company share an abiding commitment to advance the practice of good medicine."

CMA members are eligible for many offerings from The Doctors Company. The Doctors Company offers members competitive rates for medical malpractice insurance, aggressive defense, expert patient safety tools and programs, access to its risk management program, and a range of coverage options for physicians. CMA members who become insured by policies of The Doctors Company can also benefit from the Tribute Plan, which financially rewards physicians for their loyalty and commitment to superior patient care.

"The Doctors Company was the obvious choice for this partnership because their legislative and judicial advocacy on behalf of physicians has been an unwavering force in California for decades. As an organization founded and led by physicians, they understand the ever-changing healthcare landscape," said Dustin Corcoran, chief executive officer of CMA. "The Doctors Company shares CMA's ongoing commitment to defending laws and enacting new measures that limit liability exposure for physicians in all practice settings."

CMA joins many of the most prestigious medical organizations, including the Florida Medical Association and the Michigan State Medical Society, which collaborate with The Doctors Company through exclusive sponsorships, partnerships, and/or endorsements because of its physician focus, financial strength, and mission to advance, protect, and reward the practice of good medicine.

Medical Liability Monitor December 2023 issue highlights

December 12, 2023 by matray

Below are some headlines and article synopses from the December 2023 issue of Medical Liability Monitor. To read the articles in entirety, please subscribe today.

Meet Indigo, the Company Looking to Modernize MPL Insurance
Indigo — the new medical professional liability (MPL) insurance platform utilizing artificial intelligence, expanded data and advanced technology to offer customized pricing for physicians and a streamlined experience for brokers — grabbed the MPL industry’s attention with its October launch and the announcement that AMA Insurance Agency Inc., a subsidiary of the American Medical Association, will work exclusively with the company to bring its innovative medical malpractice insurance solution to physicians …

AM Best Revises Outlook on U.S. Medical Professional Liability Segment to Stable
AM Best revised its outlook on the U.S. medical professional liability (MPL) insurance segment to stable from negative, citing improved rate adequacy, the diminishing impact of pandemic-related exposures, persistently redundant loss reserves, higher reinvestment rates and improved overall returns …

Curi Buys Majority Stake in $9.6B RMB Capital, Forms Curi RMB Capital
Curi entered into a definitive agreement last month to acquire a majority stake of RMB Capital, a registered investment advisory firm with more than $9.6 billion in assets under advisement. As part of the agreement, Curi Capital, a registered investment advisory firm with approximately $1.6 billion in assets under advisement, will merge with RMB. The transaction is expected to close by the end of the year. Terms were not disclosed. Curi Capital is a division of Curi’s overall healthcare advisory firm, which also includes Curi Insurance and Curi Advisory …

President Biden Takes First Step Toward Regulating AI in Healthcare
President Joe Biden took a significant step in shaping how the U.S. government will regulate artificial intelligence (AI) technologies across various industry sectors, including healthcare, when he signed Executive Order 14110, titled “Safe, Secure & Trustworthy Development & Use of Artificial Intelligence.” The Oct. 30 executive order establishes a policy framework for managing risks associated with AI and directs agency action to regulate the use of health AI systems and tools …

Strong Investment Returns Highlight Third-Quarter MPL Financial Results
With nine months of 2023 in the books, the MPL industry appears to be struggling to maintain momentum with regard to increasing direct written premium, but the industry’s investment income through the third quarter of 2023 spiked to $680 million, a level not seen since 2011 …

Subscribe today to get this issue (as well as the 2023 Annual Rate Survey at no additional cost).

NOW Insurance Launches Physicians and Medical Groups Coverage on AI Portal

December 5, 2023 by matray

NOW Insurance, a full-stack, AI-enabled commercial insurance platform specializing in medical professional liability coverage, recently launched coverage for physicians and physician groups in their online platform. Select brokers can now shop for and bind coverage for physician and medical group clients.

According to NOW, the platform utilizes a state-of-the-art underwriting process that allows brokers to receive a quote using only the physician’s or group’s national provider identifier (NPI) number. No application is needed. Clean accounts will return a quote in just minutes, an improvement over traditional malpractice quoting that can take weeks of information gathering and back and forth with an underwriter.

“We’re thrilled to bring our technology to the market for physicians’ malpractice coverage. We’re confident both brokers and physicians will be impressed with the efficiency and the coverage,” said Philip Cabaud, NOW Insurance founder and chief executive officer.

The simple online platform has a clean and easy-to-use interface. Brokers and teams can manage all their opportunities in one place, check status and communicate with an underwriter inside the portal.

“The platform gathers nearly all the information needed to effectively underwrite this class without an application, lifting a burden off the broker and their clients,” said Patrick O’Doherty, Now Insurance executive vice president of underwriting. “The data that informs the underwriting is more robust, and crucially, more accurate, than anything else in the market.”  

BETA Healthcare Group Maintains its “A” (Excellent) Rating from A.M. Best

November 30, 2023 by matray