MagMutual Declares New Dividend and Owners Circle Options for 2019
April 22, 2019
MagMutual Insurance Co. announced up to 12-percent premium return to policy owners as well as flexible options for its dividend and Owners Circle reward programs. Since inception MagMutual policyholders have received $255 million in dividends.
“MagMutual consistently gives back to our policyholders. When we do well, it is our policyholders who should benefit first. Over the last seven years, our success at retaining policyholders and growing, has allowed us to pay more dividends than in the previous 30 years,” said Joe Wilson, MD, executive chairman of MagMutual.
Policy owners can choose to take more Owners Circle in lieu of their dividend. A 20-percent Owners Circle allocation has been declared to acknowledge policyholders’ ownership in a financially strong company.
“For some policy owners the retirement benefits of Owners Circle are more attractive, for others a cash dividend today makes more sense. It’s their company, they get to choose,” said Neil Morrell, president and CEO of MagMutual.
A.M. Best Affirms “A” (Excellent) Rating for NORCAL Group, Outlook Remains Stable
April 9, 2019
A.M. Best affirmed a rating of “A” (Excellent) for NORCAL Group, and the ratings outlook continues to be “stable.” (NORCAL Group includes NORCAL Mutual Insurance Company and its affiliated insurance companies.) According to Best, the rating reflects NORCAL Group’s solid balance sheet, including its strong level of capitalization, improvements in operating and underwriting performance, experienced management team, and the successful execution of its growth strategy.
“For the 36th consecutive year, we have been recognized by A.M. Best with an ‘A’ (Excellent) rating for our stability and financial strength,” said NORCAL Group chief financial officer Mark Johnson. “We will continue to operate using the core principles of sound underwriting, strong claims practices and effective risk management, while also continuing to build on operational efficiencies. We look forward to continuing to build on our already solid foundation and business profile as a leading provider of medical professional liability insurance.”
NORCAL Group provides medical professional liability insurance, risk management solutions, and provider wellness resources to physicians, healthcare extenders, medical groups, hospitals, community clinics and allied healthcare facilities throughout the country.
ProAssurance Details New Specialty P&C Management Structure
April 8, 2019
ProAssurance Corp. provided details of a revised management structure for its newly formed Specialty P&C operating division, which comprises all of ProAssurance's professional and product liability operations. As previously announced, Michael L. Boguski will assume the presidency of Specialty P&C on May 13, 2019. Industry veteran Robert D. Francis will rejoin ProAssurance as executive vice president, Underwriting and Operations, for the Healthcare Professional Liability operation within the Specialty P&C division.
Francis most recently served as the chief operating officer of The Doctor’s Company and was previously employed at ProAssurance for 20 years, during which time he held a number of positions including chief underwriting officer. He will report to Boguski and will oversee Healthcare Professional Liability underwriting and operations.
“Rob is a proven industry leader with an excellent track record and deep expertise in the healthcare professional liability space,” Boguski said. “He brings a wealth of talent and executive experience to ProAssurance and will be an invaluable asset as we continue to build the Specialty P&C operation into the future.”
Boguski also announced other key executive leadership roles in Specialty P&C that will report to him. Within healthcare professional liability, senior vice president and chief marketing officer Jeffrey L. Bowlby as well as Darryl K. Thomas, chief claims officer, will continue to lead healthcare professional sales and marketing as well as claims, respectively. PICA, ProAssurance’s podiatric and chiropractic insurance subsidiary, will continue to operate under the leadership of its president and chief medical officer, Ross E. Taubman, DPM, and Karen M. Murphy will continue to lead Medmarc, ProAssurance’s product liability subsidiary, serving the life sciences and medical device industry, as executive vice president. All will report directly to Boguski.
“ProAssurance is a recognized leader in the Specialty P&C insurance business as a result of the committed leadership of our executives, and the disciplined execution of the company business plan by our dedicated employees,” said Edward L. Rand, Jr., ProAssurance’s president and chief operating officer. “I am confident that the executive team Mike has assembled will enhance the level of superior service we deliver to our distribution partners and policyholders as we fulfill our brand promise of Treated Fairly.”
The Doctors Company Announces $10 Million Member Dividend
April 5, 2019
The Doctors Company has declared a 2019 premium dividend of approximately $10 million, bringing the total amount paid out in dividends to more than $425 million.
“We are proud to once again reward our members with a strong dividend,” said Richard E. Anderson, MD, FACP, chairman and CEO of The Doctors Company. “The doctors we insure are members, not policyholders. And dividends are a cornerstone of our mission to advance, protect, and reward the practice of good medicine.”
Dividends of up to 15 percent were approved by The Doctors Company Board of Governors for eligible members in the following states: Colorado, Idaho, Maryland, Michigan, Montana, New Mexico, North Carolina, Ohio, Virginia, Washington and Wyoming.
Members of the American Academy of Otolaryngology—Head and Neck Surgery and the American Society of Plastic Surgeons may also receive a dividend.
Eligible members will receive this year’s dividend on their annual premium for policy renewals on or after July 1, 2019.
ISMIE Mutual Adds Two New Osteopathic Partnerships
April 3, 2019
ISMIE Mutual Insurance Co. announced new affinity program partnerships with the Iowa Osteopathic Medical Association (IOMA) and the Ohio Osteopathic Association (OOA). Through the program, IOMA and OOA members will receive access to ISMIE’s risk management program, discount credits and other benefits that come with ISMIE coverage. Physicians coming out of residency will be eligible for special discounted coverage.
“We are very pleased to begin our newest affinity partnerships with osteopaths in Iowa and Ohio,” said ISMIE chairman Paul H. DeHaan, MD. “With this announcement, ISMIE now has agreements with four state osteopathic associations. We find that ISMIE’s comprehensive approach to providing medical professional liability coverage aligns nicely with how DOs approach patient care.”
The Doctors Company Appoints Ellen H. Masterson to Board of Governors
April 3, 2019
The Doctors Company has appointed Ellen H. Masterson, MBA, CPA, to its Board of Governors.
Masterson has served as a senior partner at PricewaterhouseCoopers LLP (PwC), where she held both U.S. and global leadership roles and worked with business leaders throughout the PwC network of firms in 144 countries, following many years working with clients in both the insurance and healthcare industries. She also served as senior vice president and chief financial officer of American General Corporation, a Fortune 200 financial services company.
"We are pleased to welcome Ellen Masterson to our Board of Governors," said Richard E. Anderson, MD, FACP, chairman and CEO of The Doctors Company. "Her experience with world-class professional and financial services companies will assist us in continuing to be a financially strong company that protects our members now and in the future. She joins an accomplished, distinguished group of professionals who are passionate about advancing, protecting, and rewarding the practice of good medicine."
"I am excited to join this group of outstanding leaders from the medical and business communities in support of Dr. Anderson and the management team of The Doctors Company," said Masterson. "The promotion of quality healthcare and exceptional financial risk management are both critical to further the mission of the company."
Masterson earned a bachelor's degree in mathematics from Emory University and an MBA from the Edwin L. Cox School of Business, Southern Methodist University. She is a board member of Westwood Holdings Group, Westwood Trust, and Insperity, Inc. She serves on the Audit and Finance Committees at The Doctors Company.
Cooperative of American Physicians Announces Promotion of Hammon P. Acuna to Senior Vice President and Chief Membership Officer
April 2, 2019
The Cooperative of American Physicians (CAP) recently announced that Hammon P. Acuna has been appointed as the organization's senior vice president and chief membership officer. For the past four years, Acuna has served as CAP's senior vice president of business development. He continues to report to CAP chief operating officer Cindy Belcher.
“As CAP continues to grow, it’s more important than ever to ensure that current and prospective members are given the attention they deserve,” Belcher said. “During his time at CAP, Hammon has demonstrated a keen understanding of, and passion for, developing powerful relationships with our members, and we are confident that he will continue to ensure that members understand the products and services that CAP offers to protect and support physicians, hospitals and medical groups.”
Acuna brings 30 years of experience in the medical professional liability industry, with a wide range of leadership roles in marketing, sales, retention and customer service. Prior to joining CAP, he worked for 18 years at SCPIE Holdings, Inc., which was later acquired by The Doctors Company. At SCPIE, he served as vice president of marketing.
“The most important part of CAP, aside from the products and services it offers to medical professionals, are those medical professionals themselves,” Acuna said. “My roles with CAP have allowed me to really focus on the needs of our current members and continue to foster strong relationships with prospective members, and I’m thrilled to now do so at an even higher level.”
PRI of New York Partners with CRICO Strategies to Become Newest Member of its National Comparative Benchmarking System
April 2, 2019
CRICO Strategies recently announced a newly-signed agreement with Physicians’ Reciprocal Insurers (PRI) of New York to become the newest member of its national Comparative Benchmarking System.
With more than 35 years as an admitted insurer, PRI currently insures more than 8,000 healthcare providers and facilities.
PRI’s partnership with CRICO Strategies is meant to strengthen its risk management programs and its ability to learn from medical malpractice data. PRI’s insureds will benefit from enhanced, data-informed risk management and patient safety tools, educational materials, technical case studies and benchmarking data. Of this new relationship, Christine Quinn, RN, BSN, vice president of risk management services at PRI says, “We are excited to be working with CRICO Strategies and joining the national CBS Community. This data-driven approach to risk management, combined with the shared learning afforded through the CBS Community, will help us better understand the drivers of our claims and will inform our business decisions. This knowledge will help us target risk management and patient safety efforts for our insureds and their patients.”
CRICO Strategies clients contribute their malpractice claims data to its national Comparative Benchmarking System (CBS), which currently holds more than 400,000 medical malpractice cases from more than 20 captive and commercial medical malpractice insurers representing more than 550 healthcare entities nationwide. CBS provides a unique insight into what goes wrong and why, offering intelligence to specific risk vulnerabilities. Armed with this data, healthcare providers and leaders have a clear line of sight on how to change specific clinical systems or clinician behaviors and mitigate those dominant risks and reduce their malpractice exposure.
“We are thrilled to welcome PRI to our CBS community and look forward to this new partnership," said Michael Paskavitz, assistant vice president of CRICO Strategies. "It is our hope that, together, we will share best practices and learn from each other to help build a stronger business that continues to support providers as they deliver safe care.”
Constellation Introduces Direct Purchase of Medical Professional Liability Insurance for Dentists
March 14, 2019
Constellation announced that dentists in Utah, Colorado, Idaho, Wyoming, Montana, Nebraska and Oregon will now be able to buy its medical professional liability insurance directly from member companies MMIC and UMIA via a new product available at InsureCAREteams.com.
“Through InsureCAREteams.com, dentists will have 24/7 access to our insurance protection – and they will be able to purchase the coverage they need quickly and easily,” said Bill McDonough, president and CEO of Constellation. “By offering an efficient online purchase option, we aim to help free dentists from administrative work to allow more time with patients.”
The MPL insurance products available via InsureCAREteams.com are the same as those traditionally offered by brokers and agents — and they come with the same level of support from UMIA and MMIC.
Dentists who purchase liability insurance via the website will benefit from the claim experience of UMIA and MMIC, leading medical liability insurance companies in the Mountain States and Midwest, respectively, which together serve more than 20,000 clinicians.
Using InsureCAREteams.com, dentists can apply online for insurance for themselves and other team members in minutes, avoiding long applications and lengthy waits for a quote.
“Time is precious in today’s dental and health care practices,” said McDonough. “We’re committed to helping our clients make the most of the hours they invest in their practices.”
NORCAL Group Expands Its Medical Professional Liability Offerings in New England
March 5, 2019
NORCAL Group is now offering new coverage options to the healthcare providers of Vermont and New Hampshire.
“We are excited to extend our coverage to the medical communities in Vermont and New Hampshire,” said Michael Roque, Vice President of Business Development for NORCAL Group. “Our policy has been crafted to meet the needs of today’s ever-changing medical landscape, particularly as technology and data become a more integral part of the practice of medicine. NORCAL offers robust information and network security coverage included with each policy.”
NORCAL Group provides coverage for more than 32,000 physicians nationwide.