A.M. Best Affirms “A” (Excellent) Rating for NORCAL Mutual Insurance Company, Outlook Revised to Stable
March 29, 2018
A.M. Best has again affirmed a rating of “A” (Excellent) for NORCAL Mutual Insurance Company and its affiliates, in addition to revising the ratings outlook to “stable.” The revised outlooks are attributed to the improvements in underwriting and operating performance trends, along with A.M. Best’s expectation of sustaining positive trends moving forward.
“Our strategic efforts to fortify our financial stability have resulted in NORCAL being well positioned to receive a stable rating. Our 34-year A-rating track record is a testament to our prudent decision making and the ability to adapt as the landscape of healthcare continues to change,” said Mark Johnson, NORCAL Mutual chief financial officer.
NORCAL Mutual Insurance Company shares the A.M. Best rating with NORCAL Specialty Insurance Company, Medicus Insurance Company, FD Insurance Company and Preferred Physicians Medical Risk Retention Group, a Mutual Insurance Company.
MagMutual Declares New Dividend, Owners Circle Options for 2018
March 13, 2018
MagMutual Insurance Co. announced a 10-percent premium return to policy owners as well as flexible options for its dividend and Owners Circle reward programs.
According to the insurer of medical liability, MagMutual policyholders have received over $215 million in dividends since inception.
"MagMutual continues to pay more than ever to our policyholders, even while our competitors continually give back less," said Neil Morrell, president and chief executive of MagMutual. "Returning dividends is what a mutual should do, whenever possible. Thanks to our strong performance, we have paid out more dividends over the last seven years than in the entire history of our company."
The MagMutual Board of Directors, in recognition that policyholders may prefer to receive an alternative dividend in lieu of the Owners Circle credit, is also offering an additional 3-percent dividend return. Policyholders who prefer this option will receive a 13-percent dividend.
The MagMutual Board of Directors also declared a 10-percent Owners Circle allocation to recognize policyholders' ownership in a financially strong company. Those who do not want the alternative 3-percent dividend will receive their 10-percent Owners Circle credit.
"We at MagMutual constantly try to serve our policyholders," said Joe Wilson, MD, executive chairman of MagMutual. "We do this by delivering the exceptional products, services and pricing and paying among the highest dividends in the industry. We have been pleased with the amount we've been able to give back in recent years, and hope our policyholders are pleased as well."
Hiscox Offering New Outpatient Mental Healthcare Professional Liability Coverage
March 9, 2018
Hiscox, the international specialist insurer, announced new coverages in their insurance policy for US businesses in the mental health industry. Hiscox PRO Outpatient Mental Healthcare Professional Liability offers a wide variety of specialized benefits for mental health professionals tailored to cover emerging risks in the allied healthcare field.
Underscoring the need and demand for this specialized insurance solution, the Bureau of Labor Statistics predicts job growth for mental health counselors will increase by as much as 23 percent by 2026. Comparatively, the average projected job growth rate for all occupations during the same time period is 7 percent.
“Mental health treatment options, such as remote therapy and telehealth, are rapidly expanding in the US,” said Alicia Marsiglia, vice president and Allied Healthcare Product Head for Hiscox in the US. “As a result, we considered the unique exposures of the latest treatments and offerings in this space and designed a policy that provides greater coverage for companies on the cutting edge of this evolving industry.”
Coverage will apply to claims involving a variety of areas and treatment options, including:
- Outpatient mental healthcare
- Behavioral therapy
- Substance abuse counseling
- Medication management
- Partial hospitalization or intensive outpatient programs
- Remote therapy (teletherapy)
Medical directors, non-physician employees, independent contractors, students, volunteers (including mid-level providers) and employed or contracted physicians by endorsement are also included as insureds and receive key benefits, such as:
- Waiver of retention available for outpatient mental healthcare practices following exemplary risk management standards
- Billing and regulatory errors sublimit
- Sexual abuse and misconduct sublimit
- HIPAA liability sublimit
- Reported incident trigger of coverage
- Affirmative coverage for remote therapy services
- Duty to defend
The Hiscox PRO Outpatient Mental Healthcare Professional Liability offering can be combined with other insurance products — including General Liability, Technology E&O as well as Crime and Privacy — to create bespoke packages of coverage to fit an individual business’s needs.
KaMMCO Admitted to Connecticut Insurance Market
March 6, 2018
KaMMCO announced today that it has been admitted to sell medical professional liability insurance and cyber security insurance in the Connecticut.
As a member-directed insurance and healthcare technology company, KaMMCO is rated “A-” (Excellent) by A.M. Best.
“The KaMMCO underwriting discipline and financial strength, combined with our pledge to provide members with superior claims protection offers healthcare professionals a truly unique medical professional liability insurance option,” said Kurt Scott, president and chief executive officer of KaMMCO.
KaMMCO is entering the Connecticut market with support from the Connecticut State Medical Society (CSMS).
“We are proud to work with the Connecticut State Medical Society to grow our insurance business,” said Scott, “and we are honored they recognize us as their medical professional liability insurance Preferred Affinity Partner.”
“We are excited to add KaMMCO as a proven insurance option for liability insurance and especially cyber security insurance for our members," said Matthew Katz, executive vice president and chief executive officer of CSMS. "KaMMCO is a partner we know we can count on.”
Katz added that the cyber security insurance is extremely important to CSMS members following recent identity theft incidents.
KaMMCO began the licensing process in early 2017, receiving notification from the Connecticut Insurance Department on February 23.
“In working closely with the Connecticut State Medical Society on the development and launch of CTHealthLink, the physician-led health information exchange, it became clear that there was an opportunity to further serve the physicians and healthcare providers of Connecticut with valuable insurance products,” Scott added.
KaMMCO will be working with the organization’s brokerage firm, CSMS Insurance Agency, and anticipates quoting coverage later this spring.
NORCAL Mutual Begins Offering Medical Professional Liability Insurance Options to New Mexico Physicians
March 1, 2018
NORCAL Mutual Insurance Co. now offers medical professional liability insurance coverage to the healthcare providers of New Mexico. This is the 40th state in which NORCAL operates, including the District of Columbia.
“We are excited to extend our coverage to the medical community in New Mexico,” said Ron Rumin NORCAL’s chief operating officer. “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 also offers two policy type options in New Mexico — claims made and occurrence— to better serve the differing needs of each medical practice.