Cooperative of American Physicians Announces Retirement of William J. West; Daniel Cavanaugh Ascends to Vice President of Membership Development
January 29, 2018
The Cooperative of American Physicians, Inc. (CAP) announced the promotion of Daniel Cavanaugh to vice president of membership development following the retirement of William J. West (Bill) on February 15. West steps down from his role after more than two decades of successfully helping to foster membership growth, while Cavanaugh succeeds to the position and will continue to facilitate access to top-rated medical professional liability coverage.
“Both Bill and Dan have excelled in this department," said Sarah Pacini, CAP chief executive. "Not only have they committed to meeting standards of excellence, but they have also influenced their teams to aim towards progress and continue to care for physicians all over California.”
In his most recent role as vice president of membership development, West was a driving force in bringing CAP’s medical professional liability offerings to a wider audience of solo and group practices in the California Market – tripling CAP’s Mutual Protection Trust (MPT) membership participation from 3,879 to 11,746. West also created and implemented a unique marketing strategy to dominate competitors, adding millions in new business for the organization.
Cavanaugh harbored a strong relationship with CAP as a broker before joining the company and eventually becoming assistant vice president of membership development. In this position, he leveraged his expertise to spearhead CAP’s Affinity Group program expansion and partnered with various IPAs, Physician Networks and Physician Purchasing Organizations around the state to introduce their members to CAP’s malpractice coverage.
“It has been an honor to work alongside Bill West. His talent and dedication are a motivation to continue to provide meaningful coverage solutions for medical groups and physicians in a creative manner,” Cavanaugh said. “I look forward to taking on my new role, influencing the direction of our organization and acting as a mentor to my sales team.”
Cavanaugh has established his thought leadership in malpractice coverage and its effect on the modern physician, and has been published and quoted in outlets including Medscape, Journal of Medical Practice Management and Medical Economics. He is also the 2018 president-elect of the California Medical Group Management Association, effective in April 2018, and holds a B.S in Journalism from the University of Kansas.
ProAssurance Promotes Edward L. Rand to Chief Operating Officer
January 23, 2018
ProAssurance Corp. announced that it has promoted Edward L. "Ned" Rand, Jr., to chief operating officer. In this newly created position Rand will be responsible for the day-to-day operations of ProAssurance, reporting directly to Stan Starnes, chairman and chief executive officer. Rand has served for 13 years as the chief financial officer for ProAssurance and he will continue in that role for the near future.
"We are excited that Ned will be moving in to this new position, allowing me to focus my time and energy on the company's strategic priorities and long-term business development," Starnes said. "I have great confidence in Ned, who has been instrumental to the success of ProAssurance during his 13 year tenure. He is a skilled executive, a trusted adviser and someone who exemplifies the 'ProAssurance Way.' Ned and I will work closely together as we continue creating value for our employees, customers and shareholders."
According to ProAssurance, its line of business leaders will report directly to Rand and through him to Starnes, and each line of business leader will continue to exercise broad responsibilities for the success of their respective line of business.
"As ProAssurance continues to evolve as a healthcare-centric specialty insurer, our management structure must also evolve," Starnes said, addressing any concerns over his future with the medical liability insurance company. "I am committed to maintaining my current position for the foreseeable future, which is why I signed an extension of my five-year employment contract in June 2017. In my discussions with the Board on this matter, we agreed this was a means of extending, not limiting, my career at ProAssurance."
Edward J. Carroll Promoted to Vice President of Underwriting at ISMIE Mutual
January 15, 2018
ISMIE Mutual Insurance Co. announced the promotion of Edward J. Carroll, JD, to vice president of underwriting. Carroll will oversee business underwriting for ISMIE and its subsidiaries.
Carroll joined ISMIE Mutual in early 2017 when he was appointed as director of underwriting – new segments. He was brought on to lead product development, distribution management, implementation of rating and pricing models, and underwriting for ISMIE’s expansion strategy. During his brief tenure with ISMIE, the subsidiary ISMIE Indemnity acquired business in a dozen new states.
Carroll began his insurance career at Chubb Specialty Insurance in 2000. Prior to joining ISMIE, he was director of underwriting at Connecticut-based CMIC, a medical professional liability insurance company. He is a graduate of Georgetown University.
“ISMIE is fortunate to have Ed on our team. His promotion is an acknowledgement of his significant contributions to ISMIE’s expansion and business development growth,” said Paul H. DeHaan, MD,ISMIE vice chairman. “We also wish Al Allphin well in his retirement. Al has been an important ISMIE team member for more than 30 years and his leadership will be missed.”
“These are exciting times for ISMIE, and Ed’s the right person to assume underwriting leadership," said Wayne de Nazarie, ISMIE executive vice president. "He’ll play a key role in strengthening our partnerships with brokers and producers to further grow our imprint across the U.S.”
Healthcare Providers Insurance Exchange (HPIX) Explains Liquidation Plans
January 3, 2018
The following is a statement — dated Dec. 18, 2017 — from Healthcare Providers Insurance Exchange (HPIX) regarding its liquidation:
"In 2015, we determined it was in the best interests of our subscribers to voluntarily cease operations and begin an orderly run-off of the company's liabilities. Our plan to settle these liabilities was based on independent actuarial projections of their ultimate costs and was approved by our regulators. Since 2015, we have both resolved a significant number of claims and paid indemnity and defense costs for those claims.
"We continue to receive new claims from our subscribers and the projection of the ultimate costs of all claims has increased dramatically since 2015. Our most recent independent actuarial projections, as of September 30, 2017, indicate that we may not have sufficient assets to meet our liabilities. After consideration of our options, we have agreed to enter into an orderly liquidation supervised by the Pennsylvania Insurance Department (PID).
"A court-appointed liquidator will take control of the company's assets and seek to resolve our remaining liabilities. The liquidator will provide additional information and instructions about this process in the near future.
"We understand this development may be concerning to HPIX's subscribers and many supporters. Please be assured that we will cooperate fully with the PID and liquidator to achieve the best outcome for all parties.
"Once appointed, the liquidator will provide additional information and will be able to address any questions or concerns you may have."