Cogeris Insurance Group has entered the Illinois and Kentucky medical professional liability insurance markets, citing limited competition and rising rates as drivers behind the expansion, the company said.

The insurer said it has completed licensing requirements in both states and will begin operations with two regions overseen by regional managers: the Chicago metropolitan area and a broader territory covering the remainder of Illinois and Kentucky.

“These states are underserved but paying higher rates, and we’re committed to giving them better choices,” Cogeris president Jim Bowlin said.

Company officials pointed to market data indicating each state is dominated by a single medical malpractice carrier with significant share, alongside recent rate increases. Bowlin said the expansion is aimed at introducing additional competition and pricing options for providers.

“Illinois and Kentucky medical providers and facilities deserve to have more options at competitive pricing, and we’ll be providing that to them,” he said. “Physicians in private practice are becoming increasingly pushed financially and we plan to be a solutions-partner for them.”

Illinois has nearly 47,000 physicians while Kentucky has more than 12,000, according to the company.