Curi Board of Directors Approves More Than $21M in Financial Distributions to Members, Announces New Board Member
March 24, 2022by
Curi announced that its Board of Directors has approved the largest annual allocations to the company’s Legacy Fund and Member Dividend programs in nearly a decade, signaling significant growth and momentum for the firm and its membership. According to Curi, its Legacy Fund and Member Dividend programs provide a meaningful financial benefit to its members and their practices.
“Last year was a banner year for Curi as we continued to grow geographically and expand the range of products and services that we offer physicians and medical practices,” said Jason Sandner, Curi chief executive officer. “The Legacy Fund and Member Dividend programs are just two of the many ways that we continue to drive toward our mission of helping physicians in medicine, business, and life. We’re proud to share our success back with the physician-members who own this company.”
The Board approved a $14 million allocation to Legacy Fund accounts for 2022, bringing the total allocation to $151.6 million since 2009. The Legacy Fund represents savings accounts for member physicians and medical practices, funded by a portion of Curi’s net income. Cash balances that accumulate in Legacy Fund accounts are paid to account holders upon designated events, including qualifying retirement. Over the last five years, allocations to The Legacy Fund have averaged 10% of annual premium paid.
The Board also approved the disbursement of $7 million for a cash Member Dividend for 2022. Curi has paid out a cumulative $51.7 million in dividends since 2008. Dividends have averaged 5% of members’ annual medical professional liability premium paid over the last five years. These dividends will be paid out to qualifying physicians and practices in April.
Curi members also elected Anuj Gupta, MD, of Peachtree Orthopedics in Atlanta, GA, to the Curi Board of Directors. In addition, Curi’s Jason Newton was named General Counsel and Secretary for all Curi companies.