ProAssurance Declares Quarterly Dividend

September 8, 2021 by matray

The Board of Directors of ProAssurance Corp. has declared a cash dividend of $0.05 per common share, payable on Oct. 8, 2021, to shareholders who own our stock as of September 24, 2021.

The ProAssurance dividend policy anticipates a total annual dividend of $0.20 per share, to be paid in equal quarterly installments. However, any decision to pay future cash dividends will be subject to the Board’s final determination after a comprehensive review of the company’s financial performance, future expectations and other factors deemed relevant by the Board.

20th Annual Advanced Forum on Obstetric Malpractice Claims

August 27, 2021 by matray

November 18, 2021 (EST) | Virtual Conference

SAVE 10% with MLM Code: D10-673-673DX03

The American Conference Institute (ACI)’s 20th Annual Advanced Forum on Obstetric Malpractice Claims takes place this Fall on November 18th, 2021!

Attend this one-of-a-kind event and hear from an unparalleled faculty of claims specialists, risk managers, medical experts – as well as an outstanding array of plaintiff and defense attorneys – who will share their insights and provide practical guidance for addressing some of the most complex medical and litigation challenges.

2021 KEY TOPICS OF DISCUSSION include:
• How COVID-19 is impacting obstetric malpractice trials – from virtual court room proceedings to jury selection
• The evolving role and evolving liabilities of midwives and L&D nurses
• Legal challenges surrounding optimal management of high-exposure claims
• The controversy surrounding hypoxic ischemic encephalopathy (HIE) and cooling – debating the pros and cons
• The fundamentals of genetics relative to cerebral palsy
• Ethical dilemmas in obstetrics malpractice
• And more!

Stay current on the evolving standards of care, emerging theories of liability, and new defense strategies. View the Full Agenda & List of Distinguished Speakers and Register Today!

SAVE 10% with MLM Code: D10-673-673DX03

Register Online: https://bit.ly/3D1WPj3
Email: customerservice@americanconference.com
Phone: 1-888-224-2480

The Doctors Company Recognized for Informing Healthcare Providers During COVID-19

August 16, 2021 by matray

The Insurance Marketing & Communications Association (IMCA) recently recognized The Doctors Company for providing comprehensive COVID-19 resources to healthcare professionals at the time it mattered most.

At its 2021 National Virtual Conference, the IMCA honored The Doctors Company for making timely information available to all healthcare professionals through its website as well as traditional and social media. The IMCA Showcase Awards recognize the most effective and innovative work from the best minds in insurance marketing and communications.

According to The Doctors Company, from the first pandemic article posted on its website on Feb. 7, 2020, it has sought to make answers to healthcare professionals’ questions easily accessible and relevant. As new questions arose regarding liability coverage, preparing a practice for COVID-19 patients and temporarily closing a practice, the company continued to update the available information. As the pandemic progressed and needs of healthcare professionals evolved, The Doctors Company added expert content on telehealth, reopening a practice, vaccine FAQs and insights on lessons learned.

“We are honored to receive this recognition, which highlights the importance of our focus on serving those who provide care,” said Stacy Schultz, senior vice president of marketing for The Doctors Company. “We recognized early in the pandemic that not only our members but healthcare professionals nationwide would benefit from the expert insights we could provide to help enhance patient safety and avoid liability risks during these unprecedented times.”

LAMMICO Honors Two Hospitals with 6th Annual Patient Safety Award and Grant

August 12, 2021 by matray

LAMMICO recently honored St. Bernard Parish Hospital in Chalmette, Louisiana, with its 6^th Annual LAMMICO Patient Safety Award and Grant for its work preventing catheter-associated urinary tract infections (CAUTIs). Urinary tract infections are one of the five most common types of healthcare-associated infections. CAUTIs have been associated with increased risks, increased morbidity, mortality, hospital cost and length of stay.

By demonstrating the most effective methods employed to prevent CAUTIs after completing LAMMICO's risk management and patient safety education, St. Bernard Parish Hospital was awarded a:

• $10,000 grant to be used for nursing professional development


• One-year Risk Manager membership to the American Society for Healthcare Risk Management (ASHRM)


• One-year complimentary membership to Medical Interactive Community for all employees to access our risk management CME/CNE/MOC courses online

St. Bernard Parish Hospital assessed their Foley catheter utilization trends and identified opportunities to decrease usage. Providers and nursing staff were re-educated regarding standard operating procedures and Foley removal protocol. An action plan was developed and implemented to decrease Foley utilization and improve urine culture practices. Over a year, their CAUTI rate improved significantly.

The Spine Hospital of Louisiana at The NeuroMedical Center in Baton Rouge, Louisiana, was named the second-place participant of the Patient Safety Award and Grant. They reviewed and then rewrote their urinary catheterization policy and created a urinary catheter insertion and removal competency checklist included with the revised policy. A grant of $5,000 to be used for nursing professional development was presented to this hospital in recognition of their second-place honor.

LAMMICO commends these two hospitals and all others who submitted award applications, for their commitment to improving patient safety.  

Curi Named to Ward’s 50 List of Top-Performing P&C Insurance Cos.

July 21, 2021 by matray

Curi was named to the Ward’s 50 list of top-performing property and casualty insurance companies for 2021. This is the second consecutive year the medical professional liability insurer has been recognized by the Ward’s 50 list.

“We’re honored to be recognized as a top performer by Ward—particularly in light of the headwinds that our industry and our customers are facing right now,” said Jason Sandner, Curi chief executive officer. “Our commitment to the physicians and practices we serve, coupled with our strong financial foundation and disciplined approach to underwriting, will continue to be critical as we navigate healthcare challenges together.”

Ward Benchmarking, part of Aon, is a provider of benchmarking and best practices for the insurance industry. The group analyzes the financial performance of nearly 2,900 property-casualty companies in the U.S. every year to identify top performers. Each company on the list must pass primary safety and consistency tests and also achieve superior performance in areas such as revenue growth, surplus growth and average combined ratio over a five-year analysis period to be included on the Ward’s 50 list.

The 2021 list recognizes outstanding financial results in the areas of safety, consistency and performance from 2016 to 2020.

CAPAssurance, a Risk Purchasing Group, Names Mitch Temple Vice President Business Development

July 19, 2021 by matray

The Cooperative of American Physicians, Inc. (CAP) today announced the appointment of Mitch Temple as its new vice president of business development for its CAPAssurance Risk Purchasing Group. Temple will be responsible for marketing CAPAssurance medical professional liability insurance and risk management services to hospitals, healthcare facilities and large medical groups through its select broker network.

Temple served most recently as the director of sales  at Med-IQ, specializing in customized risk management programs that support healthcare providers, reduce risk and improve patient safety.

“Mitch is a resourceful business development executive who will be instrumental in spearheading the continued steady growth of CAPAssurance, and helping it adapt to the ever-changing market conditions” said Sarah E. Scher, JD, CAP CEO. “Mitch brings entrepreneurial talent that is evidenced by his sales and implementation of MED-IQ products ranging from online risk management education, Just Culture implementation, data analytics and custom programs in response to COVID-19.”

Temple will report to Alyson Lewis, CAP senior vice president and chief underwriting officer. “Mitch combines a proven business development track record in the health care marketplace with the creativity and ingenuity required to develop customized, effective risk financing solutions for the CAPAssurance broker network and client base. We’re delighted to add him to our growing team,” Lewis said.

AM Best Affirms ‘Superior’ Credit Ratings of Members of MedPro Group

June 30, 2021 by matray

AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings of “aa+”(Superior) of the members of MedPro Group. These Credit Ratings apply to The Medical Protective Company and its affiliates: Princeton Insurance Company; PLICO, Inc.; Wellfleet Insurance Company; and Wellfleet New York Insurance Company; as well as MedPro’s 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.

The ratings reflect MedPro’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management. The ratings also acknowledge MedPro’s risk-adjusted capitalization being at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), long-term profitable operating performance and the leading market position it maintains in the medical professional liability (MPL) sector. Additionally, the ratings consider the group’s substantial distribution capabilities, prudent claims-handling philosophy and culture of maintaining a margin of safety. Furthermore, the ratings benefit from the explicit and implicit financial support provided by its affiliate, National Indemnity Company, and MedPro’s 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 the MPL line of business, particularly as it relates to price competition, changing market dynamics, potential changes in legislation (i.e., tort reform), increasing loss cost trends and regulatory risk. At the same time, AM Best recognizes the organization’s strong management team, diversified premium base and jurisdictional diversity, which have resulted in MedPro outperforming its peers over the longer term.

The group’s large allocation in common stocks exposes it to significant volatility during periods when the equity markets experience sharp declines. The group has historically demonstrated its ability to absorb this occasional volatility due to its low underwriting leverage and the investment managers’ historical trend of success in turbulent markets.  

Aledade, the Cooperative of American Physicians Join to Support California Physicians in Shift to Value-Based Care

June 24, 2021 by matray

Aledade, Inc. and the Cooperative of American Physicians, Inc. (CAP), a provider of medical professional liability protection in California, today announced a new collaboration designed to support CAP member physicians in the transition to value-based care. Aledade’s physician-led accountable care organization (ACO) model and support services will be offered to CAP’s more than 12,000 members through CAPAdvantage, CAP’s suite of no-cost or discounted practice management programs to help physicians run their most successful practice.

“As a physician-owned organization, CAP has demonstrated its commitment to helping California physicians access the resources necessary to thrive during a transformational time in healthcare and our new joint effort will ensure that they can continue to do so as our system shifts to value-based care,” said Farzad Mostashari, MD, co-founder and CEO of Aledade. “We look forward to providing CAP members with the services and supports needed to achieve shared savings by delivering the best possible care to their patients.”

CAP members enrolled in Aledade’s ACO model will receive access to Aledade’s comprehensive range of capabilities that include data analytics, user-friendly care management and outreach tools, regulatory expertise, strong payer relationships and local, hands-on support. Together, CAP and Aledade will also provide additional educational materials to CAP members to support them as they enter value-based contracts, including webinars, events and articles.

“Understanding the ever-changing financial and regulatory issues physicians must navigate, CAP welcomes the opportunities that Aledade offers to help our members’ practices increase revenue and improve patient outcomes,” said CAP CEO Sarah Scher. “CAP and Aledade have a shared commitment to bolster the medical community’s ability to provide excellent patient care while supporting the viability of independent physician practices. Aledade’s proven value-based care programs and associated benefits present a number of solutions that can address new and ongoing challenges California physicians are experiencing.”

According to Aledade, its ACOs have reduced preventable hospital stays, emergency room visits and unnecessary medical services, driving more than $400 million in healthcare cost reductions from 2014 to 2019. Aledade’s collaboration with CAP represents the company’s continued commitment to helping California physicians succeed in value-based care. Aledade provides practice transformation support services to physicians enrolled in Aledade’s ACO network in the state.

As part of its mission to support California physicians with outstanding medical malpractice coverage and a wide array of supplemental risk management and practice management benefits, CAP identifies vendors who are able to save medical practices time, money and energy through the CAPAdvantage program.

AM Best Revises Outlooks to Positive for California Healthcare Insurance Company, Inc., A Risk Retention Group

June 21, 2021 by matray

AM Best revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of California Healthcare Insurance (CHI) Company, Inc., A Risk Retention Group.

The Credit Ratings reflect CHI’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

The positive outlooks reflect favorable trends in CHI’s performance relative to similarly assessed peers in the medical professional liability (MPL) insurance industry. Underwriting results have been consistently profitable and exhibited low volatility despite broader deterioration across the MPL market. Premium rebates are distributed to insureds based on CHI’s financial performance, at the discretion of the board of directors. Rebates have proven to be an effective policyholder retention tool, through rewarding member-owners for loyalty and favorable loss experience. Since rebates effectively reduce reported net premiums written and earned, AM Best considers the company’s operating performance before and after rebates, both of which support the revised outlooks. CHI’s business profile continues to be limited, primarily due to product and geographic concentration in professional liability insurance for independent hospitals and other health care entities throughout California.

AM Best Affirms Credit Ratings of Members of MedPro Group

June 15, 2021 by matray

AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings of “aa+” of the members of MedPro Group (MedPro). These Credit Ratings (ratings) apply to The Medical Protective Company (Fort Wayne, IN) and its affiliates: Princeton Insurance Company (Princeton, NJ); PLICO, Inc. (Oklahoma City, OK); Wellfleet Insurance Company (Fort Wayne, IN); and Wellfleet New York Insurance Company (Flushing, NY); as well as MedPro’s 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 remains stable.

The ratings reflect MedPro’s balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.

The ratings also acknowledge MedPro’s strongest risk-adjusted capitalization, long-term profitable operating performance and the leading market position it maintains in the medical professional liability (MPL) sector. Additionally, the ratings consider the group’s substantial distribution capabilities, prudent claims-handling philosophy and culture of maintaining a margin of safety. Furthermore, the ratings benefit from the explicit and implicit financial support provided by its affiliate, National Indemnity Company, and MedPro’s ultimate parent, Berkshire Hathaway Inc. [NYSE: BRK A and BRK B], which includes reinsurance programs, investment opportunities and capital support.

Partially offsetting these positive rating factors are the inherent challenges associated with being a predominately monoline MPL insurer, particularly as they relate to price competition, changing market dynamics, potential changes in legislation (i.e., tort reform), increasing loss cost trends and regulatory risk. At the same time, AM Best recognizes the organization’s strong management team, broad premium base and jurisdictional diversity, which have resulted in MedPro outperforming its peers over the longer term.

In 2020, the group has experienced balance sheet volatility due to equity market devaluations related to COVID-19. The group’s large allocation in common stocks exposes them to significant volatility. However, the group is well-positioned to accept this risk due to their low underwriting leverage and the investment managers’ historical trend of success in volatile markets. AM Best also conducted stress tests on the group’s risk-adjusted capitalization, which incorporate multiple assumptions related to the market impact of COVID-19. MedPro performed well under all stressed scenarios, and management believes the impact of COVID-19 will be manageable.

Downward rating pressure may result from a material decrease in risk-adjusted capitalization. Downward rating pressure also may result should the group’s relationship with Berkshire Hathaway Inc. or National Indemnity Company change, which also would result in a diminution of the business profile.