September 19, 2017 by matray

ISMIE Mutual Insurance Co. announced its 2nd Annual Risk Management Symposium: Emerging Risks. This daylong conference will be held November 17 at the Hyatt Regency O’Hare in Rosemont, Ill., and is open to all interested healthcare professionals and administrators.

This year’s symposium will feature keynotes and individual breakout sessions focusing on changing care models, patient safety, genetic testing, opioid abuse, polypharmacy, pharmacogenomics, cybersecurity, health IT and more. Speakers this year will include Amy Compton-Philips, MD; Wendy Chung, MD, PhD; Alex Ricardo; Ryan R. Nash, MD, MA; Geeta Nayyar, MD, MBA; Russ B. Altman, MD, PhD; and Tejal K. Gandhi, MD, MPH, CPPS.

“This conference underscores our longstanding commitment to developing innovative, effective risk management education,” saidPaul H. DeHaan, MD, ISMIE vice chairman. “We’ve built on last year’s highly successful inaugural symposium and will be bringing together a new line-up of nationally recognized speakers to examine the risks and opportunities on the horizon for all healthcare professionals.”

“As ISMIE continues to expand nationwide, we’re very pleased to offer our approach to patient safety to an even wider audience,” he added.

ISMIE policyholders can attend the symposium for free. Substantial discounts are available for Illinois State Medical Society members and employed staff of ISMIE policyholders. Additional early-bird savings are available to those who register before October 1.

Visit www.ismierms.com for more information.

September 13, 2017 by matray

Due to the severe impact and debilitating effects of Hurricane Irma, NORCAL Mutual Insurance Company is providing premium payment relief to all policyholders throughout Florida and Georgia. NORCAL will extend premium payment due dates for those impacted by Hurricane Irma until November 1 to ensure policyholders are able to work through the aftermath of the storm without any disruption of coverage.  Additionally, no cancellations will be issued during this grace period to those affected by the storm.

“Our thoughts and prayers are with our policyholders and business partners affected by this storm and as they face a long road of recovery ahead,” NORCAL President and Chief Executive Officer Scott Diener said. 

For medical practices that experience high water damage, NORCAL’s risk management team has provided actionable tips for protecting patient data that may be damaged. These disaster recovery resources can be found on the NORCAL website at norcal-group.com/Irma.

September 8, 2017 by matray

A.M. Best has downgraded the Financial Strength Rating (FSR) to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a-” from “a” of Kansas Medical Mutual Insurance Company (KaMMCO) (Topeka, KS). The outlook of these Credit Ratings (ratings) has been revised to negative from stable. In addition, A.M. Best has assigned an FSR of A- (Excellent) and a Long-Term ICR of “a-” to KaMMCO Casualty Company, Inc. (KaMMCO Casualty) (Topeka, KS), KaMMCO’s wholly owned subsidiary. The outlook assigned to these ratings is negative. The two companies comprise the Kansas Medical Mutual Group. The rating downgrades of KaMMCO are based on the company’s unfavorable underwriting performance since 2014, and below average investment returns, which have adversely impacted overall earnings performance. Despite the company’s strong balance sheet, profitability falls significantly below the medical professional liability (MPL) composite averages. This is further compounded by the company’s mono-line concentration in underwriting MPL lines, primarily in Kansas. Market conditions for MPL insurers are highly competitive, pricing is soft and significant changes in healthcare delivery and shifts in the legal environment have presented KaMMCO with challenges to achieving underwriting profitability. To counter these headwinds, KaMMCO is expanding its business profile by providing MPL clients with services and information technology solutions to generate more non-risk revenue through a subsidiary. However, this operation has not achieved the scale it needs to reach break-even profitability. A.M. Best is concerned about the group’s ability to expand subsidiary operations to reach the economy of scale needed to make a profitable product in the near term, and that the operation will continue to be a drag on earnings. KaMMCO is the leading provider of MPL and hospital professional liability coverage in Kansas. The company had historically produced strong earnings that were better than the MPL composite averages. The rating outlooks are negative given the current weak earnings trend, the difficult market conditions and the company’s concentration of risk. The ratings may be downgraded again if management is unable to show improving and sustainable profitability. The ratings of KaMMCO have been assigned to KaMMCO Casualty due to a 100% intercompany quota share reinsurance agreement. The ratings also take into consideration the challenges associated with expanding products and services to non-traditional business sources, offset by its strong alliance with the group, including board membership, and the role KaMMCO Casualty plays in providing the ability to diversify the group’s product line inside and outside of Kansas. Key functions provided to KaMMCO Casualty by KaMMCO include risk management, continuing medical education and claims administration services. A.M. Best believes that positive rating movement for Kansas Medical Mutual Group may occur should operating performance trends through the insurance operations improve significantly and consistently meet or exceed MPL composite averages. Negative rating action could occur if there is a continued deterioration in operating performance. Negative rating action also could occur if there is a significant decline in risk-adjusted capitalization.

September 6, 2017 by matray

Coverys and Global Insurance Management Company, Inc. (GIMC), a provider of medical professional liability insurance, announced today that they have entered into a definitive merger agreement pursuant to which Coverys’ ProMutual Group will acquire GIMC. GIMC and the predecessors to its insurance subsidiary, Healthcare Underwriters Group, Inc., were founded by physicians and insurance professionals in 2003 to bring longterm availability, predictability and stability to the marketplace in Florida, Ohio and Kentucky. Since that time, GIMC has expanded to Texas, Indiana and Nevada. With this acquisition, Coverys continues to expand its delivery of products and services to meet the demands of the changing healthcare market. The combination of the two companies will strengthen GIMC’s ability to offer superior products and services to a core group of hospital and physician policyholders. “GIMC brings knowledge and experience in the marketplace, providing Coverys the opportunity to further expand our footprint into Florida and Kentucky as well as increase our market share in Ohio,” said Gregg L. Hanson, Coverys president and chief executive officer. “Coverys policyholders benefit from the group’s A rating with A.M. Best, and through this acquisition, we will seek to offer Healthcare Underwriters Group policyholders the same strength and protection.” “GIMC policyholders will benefit from this acquisition by being a part of a larger healthcare professional liability group with a greater level of financial stability and greater access to enhanced products and services, and the ability to issue policies in all 50 states,” said Joshua Salman, GIMC prsident and chief executive officer. “GIMC shareholders will receive significant value for the business we have built since 2003.” “Since our founding in 2003, we have built our company on the principles of serving physicians, defending good medicine and providing the best possible resources to existing and new policyholders,” said Steven Shapiro, MD, chair of the board for GIMC. “We have found a great partner in Coverys, who shares our values and our commitment to those principles. I am confident that together, we will continue to provide strong insurance and high-quality service to our policyholders.” “We are pleased to announce this partnership between our two physician-founded companies. We look forward to welcoming GIMC’s policyholders to Coverys,” said Brenda E. Richardson, MD, chair of the board for Coverys. “Together, we will have increased financial strength and will continue our joint commitment to advance, protect and reward the practice of good medicine.” The GIMC Board of Directors has unanimously approved the transaction and has resolved to recommend that its shareholders approve the merger agreement. The transaction is expected to close in the fourth quarter of 2017 and is subject to customary closing conditions, including the receipt of regulatory approvals and approval by the holders of a majority of the outstanding shares of GIMC common stock. Sherman & Company LLC served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Coverys. Sandler O'Neill + Partners, L.P. acted as exclusive financial advisor and Thompson Hine LLP served as legal advisor to GIMC.

September 6, 2017 by matray

ProAssurance Corp. today announced the establishment of the ProAssurance Endowed Chair for Physician Wellness at the University of Alabama at Birmingham. This academic chair is the first of its kind in the United States. The initial $1.5 million gift to the UAB School of Medicine will endow an academic chair and also support a research team dedicated to addressing health issues that are unique to physicians as they deal with the stress and pressures associated with providing care to their patients in today’s rapidly evolving healthcare environment. “Physicians have always been subject to the high levels of stress from a variety of factors such as society’s expectations for successful outcomes, the threat of litigation and the effect of their professional obligations on the quality of their lives and their families’ lives,” said Stan Starnes, ProAssurance chairman and chief executive officer, as he announced the endowment. “As medicine evolves to address the changing dynamic of healthcare in America, we must find ways to address these pressures.” “UAB leadership is committed at the highest level to provide our physicians, residents, fellows and trainees the same type of world-class care they provide for the citizens of Alabama and beyond,” said Ray L. Watts, University of Alabama Birmingham president. “This generous investment by ProAssurance to fund a first-of-its-kind academic chair will enable us to recruit an expert in the field of physician wellness who can implement well-designed interventions that enhance our sustainable culture of wellness and provide trainees with tools and resources to manage stress and burnout. The result will be more engaged physicians who can provide the highest-quality care to their patients.” ProAssurance also expects to provide an additional gift of $500,000 to fund various initiatives in support of physician wellness. The company’s Chief Medical Officer, Hayes V. Whiteside, MD, said such programs are a logical extension of ProAssurance’s role as a trusted partner with physicians and the nation’s healthcare community. “Assisting physicians has always been a high priority for ProAssurance,” he said. “Now more than ever, we need to ensure that today’s physicians maintain their commitment to our high calling, and that future physicians are equipped to deal with the realities of their vital chosen profession.” “We are fortunate to have some of the best physicians in America right here in Birmingham as part of our School of Medicine, and it is important that we consistently work to provide them an environment that promotes wellness opportunities to help them flourish in their field,” said Selwyn Vickers, MD, senior vice president of medicine and dean of UAB’s School of Medicine. “Doctors who take care of themselves are better role models for their patients and for their children, have higher patient satisfaction and safety scores, experience less stress and burn out, and live longer. We are grateful to ProAssurance for their gift, which will greatly enhance our training programs and enable them to create a sustainable culture of wellness.” In addition to the funds being committed to addressing physician wellness, ProAssurance plans to make an additional financial gift to the UAB School of Nursing to enhance the future of nursing care in Alabama. “Nurses are a crucial part of the care delivery team in our state, and their role will become increasingly important as our healthcare delivery systems expand to meet the demands that will come with the exponential growth of an aging population,” Starnes said. “Nursing is one of the most versatile — and vital — occupations in the healthcare workforce, and we strive to train innovative leaders who will transform healthcare,” said Doreen Harper, PhD, dean and Fay B. Ireland endowed chair in UAB’s School of Nursing. “The ever-evolving landscape of healthcare and the changing profile of the population demand a fundamental shift in the healthcare system to provide patientcentered care. More nurses will be needed to deliver primary care and community care, ensure seamless care, foster interprofessional collaboration and enable all health professionals to practice to the full extent of their education, training and competencies. This shift will result in reduced errors, increased safety and the highest-quality care for patients. We are delighted and appreciative that ProAssurance is providing this support to help us shape patient-centered healthcare by preparing recognized nurse leaders who excel as clinicians, researchers and educators in Alabama, nationally and internationally.”

August 31, 2017 by matray

NORCAL Mutual Insurance Company will begin offering medical professional liability insurance in Nebraska, beginning September 1. This is the latest in NORCAL’s national expansion, which now reaches 38 states, including the District of Columbia. NORCAL Mutual and its subsidiaries insure more than 27,000 physicians nationwide and offer exclusive continuing medical education learning opportunities to help safeguard policyholder practices.

August 9, 2017 by matray

Today, ISMIE Mutual Insurance Company and ISMIE Indemnity announced entry into Pennsylvania. The companies will offer occurrence and claims-made medical liability coverage for individual health professionals, groups and healthcare facilities. “We are excited that Pennsylvania providers will now be able to access our medical liability coverage,” said ISMIE vice vhairman Paul H. DeHaan, MD. “We’re eager to deliver our extensive suite of products and services in Pennsylvania, bringing our policyholder-focused approach to this market and supplying providers with the peace of mind that ISMIE will always be at their side.” “ISMIE stands apart through the strength of our risk management program, claims support and flexibility to meet our policyholders’ complex coverage needs,” said Wayne de Nazarie, ISMIE’s executive vice president. “While we are very pleased with our national expansion progression, we look forward to growing long-term policyholder relationships in Pennsylvania and continuing to expand our geographic markets in the coming months.”

July 18, 2017 by matray

A.M. Best recently affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings of “aa+” of the members of MedPro Group. These Credit Ratings (ratings) apply to The Medical Protective Company (Fort Wayne, IN), its affiliates, Princeton Insurance Company (Princeton, NJ), PLICO, Inc. (Oklahoma City, OK), Commercial Casualty Insurance Company (Fort Wayne, IN) and Atlanta International Insurance Company (Flushing, NY), and its two reinsured affiliates, MedPro RRG Risk Retention Group and AttPro RRG Reciprocal Risk Retention Group (both domiciled in the District of Columbia). The outlook of these ratings is stable. According to Best, the ratings reflect MedPro’s excellent balance sheet strength, long-term operating performance, and the significant market position it maintains in the medical professional liability (MPL) sector. The ratings also consider the group's substantial distribution capabilities and prudent claims handling philosophy. Furthermore, the ratings benefit from the explicit and implicit financial support provided by the ultimate parent, Berkshire Hathaway Inc., which includes reinsurance programs, investment opportunities and capital support. Partially offsetting these positive rating factors are the inherent challenges associated with being a predominately mono-line MPL insurer, particularly as they relate to price competition, changing market dynamics, potential changes in legislative (tort) reform, increasing loss cost trends and regulatory challenges. At the same time, A.M. Best recognizes the organization's strong management team, broad premium base and jurisdictional diversity that mitigate these concerns.

July 11, 2017 by matray

CMIC, a mutual medical professional liability insurance company, announced that Stephen J. Gallant of Glastonbury, Conn., has joined the CMIC Group team as its new Chief Operating Officer. Mr. Gallant has more than 20 years of experience in the insurance industry. Most recently, he served as Senior Vice President of MMG Insurance Company, a property and casualty carrier headquartered in Maine. Additionally, he had also worked for MMG Insurance Company as the Vice President of Marketing and Assistant Vice President of Accounting. Mr. Gallant received his B.S. in Business Administration and M.S. in Business from Husson College in Bangor, Maine. He also completed Executive Development Programs at Dartmouth College, Tuck Business School in Hanover, N.H. “Stephen brings a long, successful history of managing a variety of departments to CMIC Group,” said Denise Funk, Chief Executive Officer of CMIC Group. “His proven track record of growth and expansion will prove to be an asset to the company as we continue to enhance our services to our current membership and expand our services to cover new regions and policyholders.” CMIC Group includes both CMIC and its member affiliate, CMIC Risk Retention Group (CMIC RRG). CMIC Group is a leader in developing innovative insurance programs, services, and solutions for physicians, doctors, healthcare providers, hospitals, and facilities dating back to the origins of CMIC in 1984.  For more information, visit the CMIC Group website at www.cmic.biz.  

July 11, 2017 by matray

CMIC, a mutual medical professional liability insurance company, announced today that Michael Conneely, CPA of Wethersfield, Conn., has joined the CMIC Group team as its new Director of Finance. Mr. Conneely has more than 25 years of business and accounting experience, including 17 years in the insurance industry. He spent the most recent 14 years in financial roles supporting several distinct business lines at Travelers Insurance. Prior to that, he worked in a variety of financial roles in the insurance industry, including roles with a prominent reinsurer as well as seven years with Deloitte & Touche. Mr. Conneely received his B.S. cum laude in Accounting from the University of Connecticut.“Michael brings an impressive and in-depth financial background to CMIC Group,” said Denise Funk, Chief Executive Officer of CMIC Group. “His vast experience in the financial sector and across various facets of the insurance industry will further enhance CMIC’s long history of financial diligence and stability.” CMIC Group includes both CMIC and its member affiliate, CMIC Risk Retention Group (CMIC RRG). CMIC Group is a leader in developing innovative insurance programs, services, and solutions for physicians, doctors, healthcare providers, hospitals, and facilities dating back to the origins of CMIC in 1984.  For more information, visit the CMIC Group website at www.cmic.biz.