Curi Named to Ward’s 50 List of Top-Performing P&C Insurance Cos.
July 21, 2021
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
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
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
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
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
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.
Integris Group Promotes James “Jay” Votta to Vice President of Actuarial Services
June 14, 2021
Integris Group, formerly CMIC, announced today that James “Jay” Votta has been promoted to vice president of actuarial services. He joined Integris Group in July of 2020.
“Jay’s expertise in both actuarial services as well as in the Property & Casualty industry will be tremendously beneficial in continuing the company’s legacy of financial stability,” said Michael Conneely, Integris Group chief financial officer. “Through his new role, I am confident his skills and knowledge will enable us to continue to expand our product offerings and services to members, and also extend the company’s reach from our current footprint.”
Prior to joining the Integris Group, he was a partner with Ernst & Young and the appointed actuary for a variety of leading companies in the insurance and reinsurance industries.
Cooperative of American Physicians Announces Retirement of Cindy Belcher; Hammon Acuna Promoted to Chief Operating Officer; Alyson Lewis Elevated to President and Chief Operating Officer of CAPIC
June 4, 2021
The Cooperative of American Physicians (CAP) announced the retirement of its chief operating officer Cindy Belcher, effective August 6, 2021. Belcher is stepping down from her role after two decades of building the CAP business development and membership services functions, along with her oversight of various operations departments of the company.
According to CAP, Belcher was instrumental in overseeing and evolving its membership development, membership services and practice management services functions, along with the company’s marketing and communications, underwriting and human resources departments. She also held executive management responsibility for CAP Physicians Insurance Agency, Inc., supplying the full line of insurance products beyond the company’s professional liability protection and CAPAssurance, a Risk Purchasing Group.
“Cindy has been an incredible force in the development of CAP, CAPAssurance, CAPIC and CAP Physicians Insurance Agency,” said Sarah E. Scher, JD, CAP chief executive officer. “She has led the growth and achievement of excellence in these business units. She will be dearly missed, and we wish her much happiness and success in retirement.”
Hammon Acuna, currently CAP senior vice president and chief membership officer, will assume Belcher’s portfolio as CAP’s new chief operating officer. He will also have responsibility for the company’s Risk Management & Patient Safety department. Acuna has been managing CAP business development and membership services functions since 2015.
Alyson Lewis, JD, CPCU, currently CAP senior vice president and chief underwriting officer, was promoted to CAPIC president and chief operating officer. She will continue to be responsible for overseeing the underwriting functions of the entire CAP enterprise and will now assume full executive responsibility for all CAPAssurance business development.
“Hammon and Alyson are established leaders in our organization and in general,” Scher said. “As CAP veterans with proven track records of success, we are confident they will apply their demonstrable executive skill sets and deep medical professional liability industry knowledge to lead CAP to continued growth and excellence in achieving our mission to support health care providers with the best products and services.”
Medical Liability Monitor presents a very timely webinar… Post-Pandemic Telehealth: How the Extraordinary Increase in Telemedicine During the Pandemic Will Alter the Current MPL Insurance Landscape
May 25, 2021
DATE: Tuesday, June 8, 2021
TIME: 2 p.m. EDT; 1 p.m. CDT; 12 p.m. MDT; 11 a.m. PDT
PLACE: Your computer
COST: $147 through 6/2/21; $197 thereafter. Registration includes access for up to five participants in multiple locations.
REGISTER NOW: tinyurl.com/2x28wbrb
The COVID-19 pandemic ushered in a sudden, significant increase of telemedicine. It’s not going away. So, what does it mean for the medical professional liability industry?
MPL insurers have to consider how much — and what kind of — coverage they will provide to their telemedicine practitioners. But how should they underwrite telemedicine risks with little historic claims data available? What kind of risk management resources can they offer to get ahead of expanding telemedicine risks? What kinds of claims are anticipated? And how can MPL insurers help their insureds stay within ever-changing regulatory requirements?
Get answers to these questions and more when you register to attend “Post-Pandemic Telehealth: How the Extraordinary Increase in Telemedicine During the Pandemic Will Alter the Current MPL Insurance Landscape” on Tuesday, June 8, 2021. We’ve put together an incredible panel of insurance experts from The Doctors Company, CNA, and CFC Underwriting, along with a healthcare legal expert from Heidell, Pittoni, Murphy & Bach, LLP.
We’ll analyze the available claims history for telemedicine and provide our best assessment of what you can expect regarding claims going forward. You’ll come away with a roadmap to help you establish the best possible insurance product for the telehealth segment — and tips from experts on how to price it.
Here is just some of the information you'll get during this in-depth 90-minute webinar:
1. The challenges associated with underwriting telemedicine.
2. How to put together an insurance product for the telehealth segment.
3. What past telemedicine claims have looked like and what they can tell you about the makeup of future claims.
4. Legal ramifications of working with patients this way.
5. Risk-reduction techniques for telehealth practitioners.
6. How you can help your insureds stay within the state-by-state patchwork of regulations and lawsuits.
7. The types of exposure and how to address them using different kinds of insurance coverage, including med-mal, cyber, E&O, privacy, technology, and more.
8. The benefits of covering physicians who do a lot of telemedicine — and how to price the risk.
9. How to deal with licensing and regulatory concerns.
10. The clinical and operational standards of care that telehealth practitioners need to follow.
11. How the rapid adoption of telemedicine during the pandemic created new challenges and risks for traditional MPL insurance.
12. The potential risks involved with the predicted increase in remote monitoring — and what you can do to minimize those risks.
…and much more!
REGISTER NOW: tinyurl.com/2x28wbrb
MLMIC Insurance Company Announces New CEO
May 13, 2021
MLMIC Insurance Co. announced yesterday that Michael J. Schoppmann, Esq., assumed the role of its chief executive officer and vice chair, effective May 12, 2021.
Schoppmann previously served as MLMIC’s president and chief operating officer and has a long history of representing healthcare providers in New York and nationally. According to MLMIC, he was instrumental in the transition of MLMIC from a mutual insurance company to a member of the Berkshire Hathaway family.
Also announced yesterday, Edward J. Amsler, Esq., MLMIC’s immediate past CEO, has been named chairman of the MLMIC Board of Directors. He will work with Mr. Schoppmann on strategic planning. Timothy Krieg, Esq., has been appointed chief operating officer and will oversee MLMIC’s daily operations.
“Mike’s background, reputation and drive will be extremely valuable to MLMIC as it continues to serve and attract policyholders in this increasingly competitive environment,” Amsler said. “I look forward to continuing to work with Mike — and all of our leadership team — to develop and deliver exceptional medical professional liability insurance products and services in New York.”