Curi Announces New Chief Operating Officer for Insurance Solutions Business
April 28, 2021
Curi today announced the appointment of Brad Diericx to chief operating officer of the company’s Insurance Solutions business. In this new role, Diericx will lead the core elements of Curi’s long-standing insurance business, including its medical professional liability offering. Diericx joins Curi from HDI Global, the German international insurance group, where he served most recently as president and chief financial officer of U.S. operations. With more than 26 years of experience in the insurance space, Diericx will be focused on maintaining and growing the company’s insurance footprint and portfolio.
“We are excited to have a seasoned leader like Brad at the helm of our insurance business,” said Robert Schaaf, MD, Curi board chairman. “Brad’s experience in the insurance space makes him uniquely qualified to serve Curi’s members and member practices — all while maintaining focus on the financial discipline that has underpinned Curi’s insurance success for decades.”
“With Brad, we are gaining a strategically creative and talented individual who will be sharply focused on providing extraordinary service to our members,” said Jason Sandner, incoming Curi CEO. “I am thrilled to have him join our talented Insurance Solutions team and know he will play an integral role in delivering on our enterprise-wide mission of helping physicians in medicine, business, and life.”
“I have watched Curi’s growth from afar for many years and am proud to be joining this team at such a pivotal time for both Curi and the physician community at large,” said Diericx. “Physicians and their practices are facing more challenges than ever before, and I look forward to working with the Insurance Solutions team to ensure we’re continuing to meet the needs and exceed the expectations of those we serve.”
AM Best to Host Webinar on the State of the Medical Professional Liability Market
April 19, 2021
AM Best will host a complimentary webinar exploring the state of the medical professional liability (MPL) insurance market on Thursday, May 13, 2021, at 10:00 a.m. (EDT). AM Best analytic personnel and insurance industry leaders will examine MPL insurers’ underwriting and operating results, pandemic-related challenges in the healthcare industry, and regulatory and industry developments.
AM Best has a negative market segment outlook on the MPL insurance market, as explained in AM Best’s annual report on MPL insurers. This segment could be facing one of its most difficult periods in the last decade or more, partly due to the COVID-19 pandemic. During the event, the panel will discuss the present day and potential future impacts of the pandemic on MPL insurers.
Register now at www.ambest.com/webinars/MPLI21.
· Sharon Marks, associate director, AM Best;
· David Blades, associate director, AM Best;
· Brian Atchinson, president & chief executive officer, MPL Association;
· Timothy J. Kenesey, president & chief executive officer, MedPro Group;
· William J. McDonough, president & chief executive officer, Constellation.
Attendees can submit questions during registration or by emailing email@example.com. The event will be streamed in video and audio formats, and playback will be available to registered viewers shortly after the event.
South Carolina Medical Malpractice Association to Host Mandatory Pre-Bid Conference for Submitting a Proposal in Response to SCMMA RFP No. 2021-001
April 14, 2021
To All Interested Persons:
The South Carolina Medical Malpractice Association (SCMMA) is hosting a mandatory pre-bid conference for all persons interested in submitting a proposal in response to SCMMA RFP No. 2021-001 (announcement and RFP can be found here for more details). The mandatory pre-bid conference will be held on April 19, 2021, at 1:00 p.m. at the offices of the South Carolina Department of Insurance in Columbia, South Carolina. Anyone interested in submitting a proposal must attend the conference. This will be an in-person meeting.
Please contact John Tiencken, Esquire, at firstname.lastname@example.org if you have any questions or concerns.
The SCMMA is organized as a nonprofit corporation established under South Carolina law for the purpose of assuring the availability of medical malpractice insurance and other professional liability coverage to licensed South Carolina health care providers on a self-supporting basis. The Association provides medical malpractice insurance coverage in South Carolina to those health care providers that cannot find coverage in the voluntary or private market.
Curi Enhances Practice Advisory Services with Acquisition of Healthcare Analytics Firm Arrowlytics
April 7, 2021
Curi today announced that it has reached an agreement to acquire healthcare data analytics and advisory company Arrowlytics. Building on an existing five-year relationship between the two organizations, the acquisition will strengthen Curi’s suite of advisory services for physicians and their practices by adding a data-driven solution to help their businesses thrive.
Arrowlytics’ leading product, Aspire, helps healthcare organizations by consolidating and converting their data into knowledge. The Aspire platform pulls critical data from disparate sources into one system, allowing practices to monitor and improve results across a variety of performance categories — from online reputation management, to practice growth and optimization, and beyond. Coupled with consultative support from a team of seasoned healthcare industry experts from both Arrowlytics and Curi, the solution will allow practice leaders to make more informed decisions to assess, adjust and ultimately grow their business.
“Running a medical practice gets more challenging every year, and we have been proud to help our member physicians and their practices navigate these challenges for more than four decades,” said incoming Curi CEO Jason Sandner. “At Curi, we are always looking for new ways to support our members, and bringing the team and solutions from Arrowlytics into the Curi family will allow us to offer new data-centered solutions and services to the healthcare leaders that we serve.”
According to Curi, the Arrowlytics Aspire platform will support the advisory products and services that the malpractice insurer has been actively developing with input from its member community for years — from enhancements and risk management to health policy guidance, practice retirement plan solutions, well-being offerings and more.
“Arrowlytics was created by a team of healthcare industry veterans to help healthcare organizations optimize their businesses, so they can focus on caring for their patients,” said Arrowlytics CEO Steve Hendrick. “We look forward to continuing our commitment to this effort as part of Curi, a company that shares our dedication to supporting physicians and their practices.”
The transaction between Curi and Arrowlytics closed on April 1, 2021. For more information, visit curi.com/aspire-platform.
Ryan Crawford named new president and Chief Executive Officer of Constellation
March 18, 2021
Constellation, Inc. announced yesterday that Ryan Crawford, currently Constellation’s senior vice president of insurance operations, will succeed Bill McDonough as the company’s president and chief executive officer effective June 1, 2021. Crawford has also been elected to Constellation’s board of directors.
McDonough, currently Constellation’s president and chief executive officer, will retire and resign his seat on the board of directors effective June 1.
“I am delighted that the board of directors has named Ryan as my successor and believe he is the ideal choice,” McDonough said. “He has been a great leader and a valued partner in building and advancing Constellation’s long-term strategy. Since joining Constellation in 2017, he has held a variety of positions, helped build talent and capabilities, and strengthened our business. His passion and commitment to our mission and values will serve policyholders well.”
“This announcement follows a well-planned and thoughtful succession process,” said Sue Crook, MD, Constellation board chairman. “Ryan Crawford is a proven leader and we are excited about his ability to continue to help Constellation deliver on its vision, strategy and unwavering service to our customers. The board looks forward to working with Ryan in his new capacity.
“At the same time, we want to extend our profound thanks to Bill for his exceptional performance as CEO over the last 13 years. It has been a period of significant growth, change, and strategic development for our company. During Bill’s tenure, Constellation has grown from $134 million to more than $183 million in written premium, with our state presence increasing from 10 states to 50. It has developed from a single insurance entity to a mutual holding company with multiple brands (MMIC, UMIA, Arkansas Mutual) and entities (MMIC Risk Retention Group, Inc., Constellation New Ventures, LLC, Constellation Captive Solutions, LLC, Aspect Re SP). With Bill’s leadership, we have nearly doubled our consolidated assets, to more than $976 million, and increased our members’ surplus by 128%, to $406 million.”
AM Best Affirms Credit Ratings of ProAssurance Group Members and ProAssurance Corp.
March 17, 2021
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a+" of the members of ProAssurance Group. The outlook of the FSR is stable while the outlook of the Long-Term ICR is negative. Concurrently, AM Best has affirmed the Long-Term ICR of "bbb+" and the Long-Term Issue Credit Ratings (Long-Term IR) of ProAssurance Corporation (PRA) (headquartered in Birmingham, AL). The outlook of the Credit Ratings (ratings) is negative. All companies are indirect subsidiaries of PRA. (See below for a detailed listing of the companies’ ratings.)
The ratings of ProAssurance Group reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management (ERM).
Risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), remains at the strongest level, but has declined in recent years. The group’s adequate operating performance assessment reflects a deterioration in underwriting performance in its medical professional liability (MPL) business in recent accident years and calendar years with results that no longer outperform industry averages. The management team has taken corrective actions, including the implementation of significant rate increases and re-underwriting the entire book of business. The group’s 2020 operating results improved over 2019; however, the effects of a large national MPL account activating a tail policy while non-renewing with ProAssurance largely muted this improvement. The same large national MPL account contributed $51 million in losses to ProAssurance’s 2019 results.
The ratings also consider the ProAssurance Group’s market position as one of the leading MPL insurers in the United States, as well as its diversification across multiple disciplines, geographic areas and in its other lines of business. The planned NORCAL Group (NORCAL) acquisition will likely increase the group’s operational scale and strengthen its market position in the long term. These ratings also acknowledge the depth and breadth of the group’s ERM programs and policies.
The negative Long-Term ICR outlook reflects the decline in risk-adjusted capitalization, as measured by BCAR, driven by lower underwriting profits and reduced embedded equity in loss reserves. Uncertainty with regards to reserve development, as well as the execution risks associated with the planned acquisition of NORCAL, which is expected to close in the second quarter of 2021, and the ensuing integration of the acquired entity also are factors in the negative outlook.
The FSR of A (Excellent) and the Long-Term ICRs of "a+" have been affirmed with a stable FSR outlook and a negative Long-Term ICR outlook for the following members of the ProAssurance Group:
- ProAssurance Casualty Company
- ProAssurance Indemnity Company, Inc.
- ProAssurance Specialty Insurance Company, Inc.
- Medmarc Casualty Insurance Company
- Noetic Specialty Insurance Company
- Podiatry Insurance Company of America
- ProAssurance American Mutual, A Risk Retention Group
- Allied Eastern Indemnity Company
- Eastern Advantage Assurance Company
- Eastern Alliance Insurance Company
The following Long-Term IRs have been affirmed with negative outlooks:
--"bbb+" on $250.0 million 5.30% 10-year senior unsecured notes, due 2023
The following indicative Long-Term IRs under the shelf registration have been affirmed with negative outlooks:
-- "bbb+" on senior unsecured debt
-- "bbb" on senior subordinated debt
-- "bbb-"on preferred stock
LAMMICO Named a ‘Best and Brightest Company to Work For’
March 5, 2021
LAMMICO was named one of the “101 Best and Brightest Companies to Work For” by the National Association for Business Resources, which recognized the winning companies in The Wall Street Journal. The 101 national winners were identified as organizations that deliver exceptional human resource practices and an impressive commitment to their employees. The companies display a commitment to excellence in operations and employee enrichment that leads to increased productivity and financial performance.
Potential honorees were assessed by an independent research firm and scored based on regional data of company performance and a set standard across the nation. Organizations were evaluated on categories such as communication, work-life balance, employee education, diversity, recognition, retention and more.
The “Best and Brightest Companies to Work For” winners will be honored at the Illuminate Business Summit on March 24-26 in Dallas. During the Illuminate Business Summit, LAMMICO and the other honored companies will be celebrated for demonstrating exceptional innovative human resource practices and setting high standards for all businesses.
“Receiving this national honor is a testament to the LAMMICO culture and the dedication of its employees,” said J. Michael Conerly, MD, LAMMICO president and chief executive officer. “I couldn’t be more proud of this team and this company and all we do to serve the healthcare providers we insure.”
NORCAL Mutual Begins Solicitation of Policyholders in Proposed Demutualization
March 5, 2021
The board of directors for NORCAL Mutual has begun solicitation of policyholders to vote on NORCAL’s plan to convert from a mutual company to a stock company and to elect the form of payment they wish to receive if the conversion occurs.
On Feb. 20, 2020, ProAssurance Corp. and NORCAL Group announced the signing of a definitive agreement under which NORCAL would become a part of ProAssurance in a $450 million transaction following its demutualization. The demutualization and the acquisition agreement are mutually contingent and subject to required regulatory and policyholder approvals.
As part of this process, ProAssurance’s transfer agent Computershare has mailed documentation and materials to NORCAL’s eligible policyholders. Further, ProAssurance has begun solicitation of policyholders who elect to receive NORCAL stock in the conversion, asking them to respond to the tender offer and agree to sell those shares on the terms of the offer. Policyholders who elect NORCAL stock and tender it to ProAssurance will receive their allocated share of the $450 million cash transaction proceeds and be eligible for a share of Contingent Consideration in an amount of up to $150 million, depending upon development of NORCAL’s ultimate net losses between Dec. 31, 2020, and Dec. 31, 2023.
Eligible NORCAL policyholders can visit https://norcalconversion.com using login credentials provided in the documents mailed by Computershare, wherein they will be able to cast their vote on NORCAL’s Plan of Conversion and elect their desired form of payment.
The general public may visit https://www.norcal-group.com/pra for copies of documents and more information about the proposed transaction.
Clifton P. Render Joins Integris Group as New Director of Information Technology
March 4, 2021
Integris Group, formerly named CMIC, announced that Clifton P. Render has joined the company as its new director of information technology.
“Clif’s experience working with enterprise architecture within the MPL industry will be a great asset to the company,” said Michael G. Roque, chief operating officer of Integris Group. “His success in managing various projects, while balancing both business and IT goals, will prove beneficial to our ongoing technology initiatives. We look forward to his insights into the department and having his strategic leadership within the company.”
Render has more than 20 years of information technology experience. Most recently, he served as director of enterprise architecture and corporate development at ProAssurance Corp. Prior to that, Render held a variety of leadership positions in the technology field, spanning a variety of industries, including multiple companies in the healthcare sector.
The Doctors Company Foundation Seeks Patient Safety Grant Proposals
February 24, 2021
The Doctors Company Foundation announced that it is accepting grant proposals through March 22, 2021, for innovative patient safety projects. Each year, the Foundation supports patient safety education for healthcare professionals and patient safety research with clinically useful applications by funding projects aimed at reducing or eliminating risk of adverse events.
“This year in particular, we welcome proposals for projects that focus on telehealth, diagnostic error and COVID-19,” said William C. Rupp, MD, Foundation chairman. “These grants reflect our mission to advance the practice of good medicine and support our commitment to serving those who provide healthcare.”
The first step in the application process is submission of a letter of intent. Then, the Foundation will ask selected applicants to submit a full proposal. Eligibility criteria and application guidelines can be found on the Foundation website.
In its 13-year history, the Foundation has provided over $6 million in grants for patient safety research and educational training. Grant recipients include the National Patient Safety Foundation (now the Institute for Healthcare Improvement) for developing guidelines on root cause analysis, Northwestern University for The Effect of Clinical Reasoning Feedback on Hospital Medicine Physicians and Residents, and the University of California, San Francisco, for The Family Input for Quality and Safety Study.
The Foundation approved the following grants in 2020:
• Icahn School of Medicine at Mount Sinai and NYC Health + Hospitals:
An Intuitive, Nonintrusive Approach to Reduce Patient Harm from Inappropriate Dosing of High-risk Drugs in Older Adult Patients Across an Urban Safety Net Hospital System.
• Department of Emergency Medicine, University of Michigan Medical School:
Immersive Virtual Reality Environment for Training Acute Care Teams (iREACT).
• Anesthesia Patient Safety Foundation:
Perioperative Deterioration: Early Recognition; Rapid Response; and the End of Failure-to-Rescue.