MagMutual Foundation donates $1 Million to MagMutual PolicyOwners on the front lines of the coronavirus outbreak

March 27, 2020 by matray

Many of MagMutual’s policyholders who are on the front lines of dealing with the coronavirus (COVID-19) pandemic are staying in hotels and other temporary accommodation, all to keep their loved ones from risking infection. In response, the MagMutual Foundation announced that it has set aside $1 million to help any of the company’s policyholders by reimbursing the cost of hotel stays and temporary housing during this period. The details of how policyholders can receive this benefit are explained on MagMutual.com.

“Many physicians are making tremendous personal sacrifices in fighting this outbreak on the front lines,” said Joe Wilson, MD, executive chairman of MagMutual. “As a company, we are committed to putting our policyholders’ best interests first, and that includes finding new ways to support them in this critical time.”

“It’s the least we can do” said Neil Morrell, CEO of MagMutual. “And I’m proud that we have a board and a company that understand what it really means to be a mutual company.”

Posted in coronavirus, MagMutual | Leave a comment
The Doctors Company: Retired Physician Volunteers Receive No-Cost Malpractice Coverage during COVID-19 Pandemic

March 26, 2020 by matray

As U.S. healthcare systems are being pushed to their limits during the COVID-19 pandemic, The Doctors Company announced that it will provide free medical professional liability coverage to retired physicians formerly insured by the company who volunteer during the crisis.

"Today, our mission to advance, protect and reward the practice of good medicine is more important than ever. We appreciate our members' lifesaving work during this crisis and want to make it as easy as possible for our retired members to assist," said Richard E. Anderson, MD, FACP, chairman and chief executive officer of The Doctors Company.

If retired former members of The Doctors Company return to practice as volunteers, this decision will not impact their extended reporting period, or tail, coverage. Additionally, there will be no impact on previous Tribute Plan awards.

To qualify, a retired healthcare professional must be providing professional services for no fee, salary or other compensation — with the exception of expenses incurred delivering those services. Retired former members of The Doctors Company interested in the free coverage can complete an online form or call (800) 421-2368, press 1 for Member Services, then 6 for coverage activation.

Retired members considering volunteering can find more information at "COVID-19 Malpractice Coverage FAQs." All healthcare providers can visit "COVID-19 Resource Center for Healthcare Professionals" to keep up to date on the pandemic.

Posted in coronavirus, Medical Professional Liability Insurance, The Doctors Company | Leave a comment
CMIC Group Offering Special COVID-19 Dividend

March 26, 2020 by matray

CMIC Group announced that its Board of Directors has declared a special dividend that totals $5 Million for CMIC policyholders. The dividend is being distributed to help support their healthcare providers through the challenges created by the COVID-19 outbreak. The company is also deferring all premium payments currently due until June 30, 2020.

“The challenges facing the world, and more acutely, medical providers, due to this global crisis are unprecedented,” said Stephen J. Gallant, CEO of CMIC Group. “As a carrier that has spent the last 35 years supporting our policyholders, we are doing all we can to help alleviate some of the strain facing these dedicated professionals and provide some relief to their medical practices.”

According to the company, it has been in recent contact with many of its policyholders and is working on a variety of coverage options and considerations in response to the evolving challenges faced by medical professionals on the frontlines of the pandemic.

“As a company, we have the utmost gratitude for the tireless efforts of our healthcare providers during this ordeal,” Gallant said. “We want our policyholders to know that CMIC Group is here to support them through the challenges ahead.”

Posted in CMIC, Dividends | Leave a comment
The Hilb Group Acquires Healthcare Liability Consultants Agency, Hires Julie Paton

March 25, 2020 by matray

The Hilb Group, a middle market insurance agency headquartered in Richmond, Va., announced yesterday that it has acquired Healthcare Liability Consultants Agency and hired owner and medical malpractice insurance specialist, Julie Paton, as a producer. The transaction became effective March 1, 2020.

Based in Cleveland, Ohio, Paton will join the The Hilb Group's Central/Midwest operations and continue to provide customized solutions to her clients. According to the company, her addition will complement and strengthen THG’s medical malpractice capabilities in the Central region.

The Hilb Group is a portfolio company of global investment firm, The Carlyle Group, which seeks to grow through targeted acquisitions in the middle market insurance brokerage space. The company now has more than 90 offices in 20 states

Posted in Uncategorized | Leave a comment
MPL Association: Good Samaritan Professionals Act Would Offer Protections for Medical Volunteers Assisting with COVID-19 and Preserve Patient Rights

March 20, 2020 by matray

The Medical Professional Liability Association (MPL Association) president and CEO Brian K. Atchinson issued the following statement about (H.R. 6283), the Good Samaritan Health Professionals Act that was introduced by Representatives Raul Ruiz, MD (D-CA) and Larry Bucshon, MD (R-IN):

“During this time of pandemic and in other times of catastrophe, it is vital for patients to have access to quality, timely medical care. Unfortunately, healthcare professionals who cross state lines to volunteer their medical services during disasters are not adequately protected by federal law. Additionally, the current patchwork of state laws designed to encourage medical volunteerism compound the problem by being ambiguous and inconsistent, especially when applied to large-scale disasters. This could mean that vital medical volunteers are deterred from helping, turned away, or forced to limit their services at a time when their help is most needed.

We commend Representative Ruiz and Representative Bucshon for introducing The Good Samaritan Health Professionals Act, a measure that, while important for any future catastrophe, is particularly relevant now as it would provide civil liability protections to licensed health care professionals who volunteer their time and skills to treat coronavirus patients. The bill also would preserve a victim’s access to compensation if an injury is the result of willful or criminal misconduct, gross negligence, reckless misconduct, or a conscious flagrant indifference to the rights or safety of the patient.

The MPL Association will continue to build bipartisan support in Congress in order to pave a path forward for the enactment of this measure.”

Posted in coronavirus, Medical Professional Liability Association | Tagged | Leave a comment
Medical Professional Liability Association Cancels Leadership Forum and Annual Conference

March 18, 2020 by matray

Statement from the Medical Professional Liability Association:

The MPL Association has been actively monitoring evolving developments related to the coronavirus. Based on new guidance from the Centers for Disease Control and Prevention (CDC) and the District of Columbia government, the MPL Association Leadership Forum and Annual Conference scheduled for May 6-8 in Washington, D.C., is cancelled.

At this time, all other Association meetings scheduled for the autumn will continue as planned. We will continue to monitor guidance from the CDC and state and local health agencies as it relates to the coronavirus and will take necessary precautions based on local recommendations in each city where a meeting would be taking place. If conditions and travel guidance change, we will make decisions based on the best interest of our members, affiliate partners, sponsors, and staff.

Posted in Medical Professional Liability (MPL) Association, Medical Professional Liability Association | Leave a comment
NJ PURE Forges Comprehensive Reinsurance Partnership with Gen Re

March 18, 2020 by matray

NJ PURE announced a partnership reinsurance contract with General Reinsurance Corp., a member of the Berkshire Hathaway family of companies. Gen Re has an A++ (Superior) rating from A.M. Best Co. and has over $17.75 billion in assets.

"All of our policyholders may now take added comfort in knowing that NJ PURE has the financial support of Gen Re and the billions of dollars in assets behind it," said Eric S. Poe, a principal of NJ PURE's management company and chief litigation officer of NJ PURE. "By backing NJ PURE up to 70% of our future exposures up to our policy limits, we believe Gen Re's commitment to us is a testament to our long-term business model and its viability into the future."

Posted in Berkshire Hathaway | Tagged | Leave a comment
MagMutual declares policyholder dividend for 2020

March 12, 2020 by matray

MagMutual Insurance Company today announced it will be returning a 7% dividend to its PolicyOwners.

This marks the thirteenth consecutive year that the company has paid dividends. Since its inception, the company has returned more than $293M in financial rewards to its PolicyOwners, according to MagMutual.

“MagMutual is owned by our policyholders – that’s why we call them ‘PolicyOwners’ – and we want to make sure they profit from their company’s success,” said Joe Wilson, MD, executive chairman of MagMutual. “Our core business precepts are always putting PolicyOwners interests first and optimally managing their company. Paying dividends is a reflection of our commitment to them.”

“Our ability to continue paying some of the highest dividends in the industry, whilst maintaining positive operations and growing our significant financial strength, is a testament to the whole team,” said Neil Morrell, CEO of MagMutual. “I am thrilled for our policyholders and proud of my colleagues.”

Posted in Dividends, MagMutual | Leave a comment
Official statement from the Medical Professional Liability Association on coronavirus and its upcoming, May 6-8, Conference in Washington, D.C.

March 12, 2020 by matray

Official statement from the Medical Professional Liability Association on coronavirus and its upcoming, May 6-8, Conference in Washington, D.C.

"The MPL Association has been having extensive discussions and consultations with Association members and leadership and other valued sources of information as well as actively monitoring developments related to the coronavirus. At this time, the MPL Association Conference in May will continue as planned. However, the Association remains very mindful of the health and safety of our members, affiliate partners, sponsors, and staff, and we will continue to closely monitor guidance from the CDC and state and local health agencies."

Posted in Medical Professional Liability (MPL) Association | Leave a comment
Berxi Enters Strategic Alliance with Vizient Insurance Services to Offer Medical Malpractice Insurance to Members

March 2, 2020 by matray

Berxi, part of Berkshire Hathaway Specialty Insurance, recently announced that it has entered into a strategic alliance with Vizient Insurance Services, LLC, a subsidiary of Vizient, Inc., to offer medical malpractice insurance products to Vizient member allied health professionals through an enhanced digital experience. The agreement with Vizient, a member-driven healthcare performance improvement company, became effective Jan 1.

A feature of the agreement is Berxi’s ability to provide Vizient members with fast, efficient digital access to affordable high-quality medical malpractice insurance. Members can choose from a range of limits and take advantage of noteworthy coverage features, such as defense costs that are paid in addition to the insurance limits. Quotes are available online in minutes at berxi.com/vizient.


“We look forward to supporting Vizient member health professionals in their insurance needs through this agreement,” said Adam Yasan, managing director of Berxi. “Many healthcare professionals are looking for more insurance protection and the Berxi digital sign-up experience provides ease of access, speed and choice in coverage to meet these needs.”

Vizient provides solutions and services that improve the delivery of high-value care by aligning cost, quality and market performance for more than 50 percent of the nation’s acute care providers, which includes 95 percent of the nation’s academic medical centers, pediatric facilities, community hospitals, integrated health delivery networks and more than 20 percent of ambulatory providers.

Posted in Acquisitions and Mergers, Berkshire Hathaway | Leave a comment