Cooperative of American Physicians’ Mutual Protection Trust Earns 17th Consecutive A.M. Best A+ (Superior) Rating

February 5, 2024 by matray

The Cooperative of American Physicians, Inc. (CAP) announced that A.M. Best reaffirmed its A+ (Superior) rating for the Mutual Protection Trust (MPT). MPT has annually received this rating from A.M. Best since 2006. A.M. Best once again recognized MPT for “maintaining the strongest level of risk-adjusted capitalization,” signifying its solid financial standing to withstand potential risks and uncertainties. The A+ rating exemplifies MPT’s ongoing ability to fulfill its financial obligations to its nearly 13,000 physician members. “We are proud to consistently earn this A+ (Superior) rating,” said CAP CEO Sarah Scher. “It reinforces CAP’s status as a leader in the California medical malpractice coverage market and further demonstrates our commitment to ensuring our members receive exceptional protection they can trust.” A.M. Best also acknowledged the financial strength of Cooperative of American Physicians Insurance Company (CAPIC), which earned a rating of A- (Excellent). CAPIC is a wholly owned subsidiary of CAP and provides medical malpractice coverage tailored to large medical groups, reinsurance, and other benefits to its physician members.

T. Bryan Carter Promoted to Chief Marketing Officer at Integris Group

February 2, 2024 by matray

Integris Group announced the promotion of T. Bryan Carter to chief marketing officer. Carter is the former chief operating officer and senior vice president of MedMal Direct Insurance Co., which Integris Group recently acquired.

Carter has more than 30 years of experience in the insurance and healthcare industry. He joined  MedMal Direct in 2018 as its senior vice president of sales and marketing and was promoted to chief operating officer in 2022. During his time at MedMal Direct, Carter led the growth of the direct written premium of the company and managed its sales, marketing, underwriting strategies and product development.

As Integris Group’s chief marketing officer, Carter will lead the company’s Business Development and Marketing Departments for all Integris Group member companies, including Integris Insurance Co., Integris RRG, MDIC and CorePRO Insurance.

“I have worked with Bryan at two different organizations, and he has always been an unequivocally high achiever with a proven track record that includes working with multiple MPL constituents to deliver solutions to our healthcare providers,” said Marc Hammett, MedMal Direct chief executive officer. “His promotion to Integris Group’s chief marketing officer will be a natural fit for his talents, skillsets and past successes leading and developing productive sales organizations, identifying and honing sales talent, and delivering consistent messaging to the policyholders. We look forward to having him lead the ongoing expansion efforts of Integris Group.”

MSSNY, MLMIC Announce Exclusive 10% Discount on Medical Liability Insurance for Qualifying Members of MSSNY

February 1, 2024 by matray

The Medical Society of the State of New York (MSSNY) and MLMIC Insurance Company (MLMIC) are pleased to announce a new exclusive program that will bring a 10% discount medical liability insurance to qualifying members of MSSNY.

Born out of the auspices of MSSNY in 1975 during the malpractice crisis, MLMIC has continually been the trusted and exclusive medical professional liability partner of MSSNY.  This new program will bring a MLMIC premium discount opportunity to MSSNY’s network of approximately 20,000 physicians.

MSSNY members who are MLMIC policyholders may also be able to take advantage of additional discounts for up to 30% in total savings on MLMIC medical professional liability insurance premiums.

Discount programs that are available:

• • Up to 12% for qualified physicians and surgeons with no open or closed claims.
  • 5% savings when you complete a NYS-qualified Risk Management program.
  • 5% savings for individual physician policyholders who waive consent to settle a claim.
  • 2% premium credit for prompt payment of the full annual premium within 30 days of receipt of the invoice.

AM Best Affirms Credit Ratings of MLMIC Insurance Company

January 31, 2024 by matray

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of MLMIC Insurance Company (MLMIC). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect MLMIC’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 ratings benefit from the financial support provided by MLMIC’s direct parent company, National Indemnity Company, which is ultimately owned by Berkshire Hathaway Inc.

MLMIC has a long track record of favorable reserve development and adequate underwriting returns. In the past five years, the company’s net operating results have been skewed by the 100% loss portfolio transfer (LPT) and 85% quota share agreement with National Indemnity Company, which were executed in 2018. As a result, favorable reserve development related to prior accident years covered by the LPT (for all business written prior to the acquisition by National Indemnity Company in 2018) no longer benefits MLMIC’s underwriting results. The pace of favorable reserve development was likely further slowed by the impact of the COVID-19 pandemic on the New York court system, which reduced the speed with which claims were closed and delayed the recognition of possible favorable reserve development on more recent accident years that are not covered under the LPT. As a result, the company’s net underwriting results in the most recent years have not yet benefited from the same degree of reserve releases seen in previous years. The gross underwriting results remain in line with historical trends, however, and further support the current operating performance assessment of adequate. Over time, AM Best expects that MLMIC’s calendar year underwriting results will continue to improve and approximate the company’s historically stronger results.

MLMIC’s insurance portfolio is concentrated in the medical professional liability (MPL) line of business. The company underwrites risks only within New York, which is one of the nation’s most challenging and litigious markets for MPL. However, management has been able to operate successfully through underwriting cycles while maintaining MLMIC’s leading market position within New York. In addition, risk management capabilities have proven appropriate for the company’s risk profile.

The Doctors Company Promotes Deepika Srivastava to Chief Operating Officer

January 30, 2024 by matray

The Doctors Company promoted Deepika Srivastava to chief operating officer. Srivastava will oversee claims, underwriting, sales, patient safety and risk management, and the shared services of Technology, Cybersecurity, Innovation & Enterprise Project Office for all TDC Group business units.

“I am pleased to congratulate Deepika on her enhanced role at The Doctors Company. She embodies our mission to advance, protect, and reward the practice of good medicine,” said Richard E. Anderson, MD, FACP, chairman and chief executive officer of The Doctors Company and TDC Group. “Deepika has extensive experience in medical professional liability and a proven track record of enhancing operational efficiency. She possesses all the attributes we value in a leader, including a mission-driven mindset, innovative thinking, and a commitment to people development, as well as patience and humility.”

Since joining The Doctors Company in 2011 as a project manager, Business Applications, Srivastava has held many roles, including executive vice president, vice president operations, chief information officer and chief information security officer. She serves on the advisory board of the California Insurance Guarantee Association and the Actuarial Science Program at Michigan State University. She holds an MBA from the University of Lucknow, India, and has completed the Innovation & Entrepreneurship program at Stanford University, as well as the Advanced Management Program at the University of Pennsylvania’s Wharton School of Business.

“I am excited to leverage my experience across the organization to spearhead strategy, drive operational excellence, and ensure effective execution,” Srivastava said. “As we build a national platform for service and advocacy for all healthcare professionals and organizations, we remain committed to enhancing our mission-driven culture and being a strong proactive partner for those delivering care.”  

LAMMICO Named a 2023 ‘Best and Brightest Company to Work For in the Nation’

January 29, 2024 by matray

LAMMICO was named one of the “Best and Brightest Companies to Work For in the Nation” for Winter 2023 by the National Association for Business Resources. An independent research firm assessed the winners by reviewing several key measures relative to other nationally recognized winners, based on categories such as communication, work-life balance, employee education, diversity, recognition, retention and more. This honor marks the ninth time that LAMMICO has received the “Best and Brightest Companies to Work For in the Nation” designation since 2015.

The “Best and Brightest Companies to Work For in the Nation” offers different timelines of applications throughout the year: Spring, Summer, Fall and Winter. For all of 2023, the “Best and Brightest” national winners included 480 organizations out of 3,400 nominations from across the country.

One component that contributed to earning this honor is LAMMICO’s effort toward work-life balance and flexibility. LAMMICO employees value the benefits of flexible work hours, compressed workweeks, remote work and telecommuting. This flexible environment acknowledges the contributions of all employees and the various ways they work.

“What an honor for LAMMICO to receive this designation! It’s a testament to the employees, who are among the best and brightest people I know,” said J. Michael Conerly, MD, LAMMICO president and chief executive officer. “I’m so proud of the LAMMICO staff who work together toward our mutual purpose of protecting those who care for others.”    

Risk Strategies Acquires Professional Risk Associates

January 26, 2024 by matray

Risk Strategies, a national specialty insurance brokerage and risk management firm, announced it has acquired Professional Risk Associates, Inc. (PRA), a Virginia-based specialty healthcare insurance agency helping medical professionals manage a range of risks and liabilities. Terms of the deal were not disclosed.

Founded in 1989 and licensed in 36 states, PRA counts over 6,000 medical professionals as clients nationwide, with much of its business focused in the mid-Atlantic region. Primarily focused on helping physicians manage their medical professional liability risks, the firm also offers clients specialized help with many of the exposures present in a modern medical practice, including government regulatory coverage, cyber liability, workers compensation, management liability and business owner’s policies.

“True specialty expertise is critical when working with physicians and addressing the unique risks they face,” said Chris Zuccarini, medical malpractice leader, National Healthcare Practice, Risk Strategies. “PRA’s experience and focus on the physician business makes them a perfect fit for our organization. We are extremely excited to welcome the team at PRA to our National Healthcare Practice and the Risk Strategies family.”

The Risk Strategies National Healthcare Practice focuses exclusively on the healthcare industry. With more than 30 years of experience in healthcare risk and liability and a reputation for innovation, Risk Strategies believes PRA fits perfectly with its commitment to specialization.

“As the healthcare market evolves and its risks and liabilities become more complicated, expertise, specialization, and scale are vital to solving client problems,” said Steve Fargis, PRA executive vice president. “Joining Risk Strategies, a true specialty broker, expands our current services and allows us to draw on new resources for our clients while giving our business a national platform.”  

EmPRO Insurance Expands Footprint with First New Jersey Office

January 25, 2024 by matray

EmPRO Insurance Co., a subsidiary of Physicians’ Reciprocal Insurers, announced today the opening of its first office in New Jersey, marking a significant milestone in the company’s strategic expansion plan throughout the Northeast. This new venture, based in Hamilton, N.J., is guided by Brian Kriger, EmPRO’s newly appointed vice president of underwriting.

“Our expansion into New Jersey is a natural progression in our mission to provide exceptional medical malpractice insurance services throughout the Northeast,” said Bruce Shulan, EmPRO CEO. “Under Brian’s seasoned leadership, we’re confident in extending EmPRO’s standard of excellence to New Jersey’s healthcare professionals, provider groups, hospitals, and other facilities. Our innovative approach, backed by strong financials, makes us uniquely qualified to navigate this market.”

According to EmPRO, Kriger has overseen some of New Jersey’s largest and most complex medical malpractice insurance policies and exposures and joins EmPRO after a 17-year tenure at New Jersey-based MDAdvantage Insurance Co. where he was vice president of underwriting.

“I am thrilled to join EmPRO at this pivotal juncture,” said Kriger. “Leveraging my experience in New Jersey’s unique market, we’re positioned to deliver unparalleled service and support to the medical community here.”

“EmPRO’s growth in New York’s competitive medical malpractice insurance landscape is a testament to our deep understanding, innovative solutions, and unwavering commitment to the healthcare community,” Shulan said. “As we expand into New Jersey, we are poised to replicate this success.

“Our unique strength lies in our ability to navigate high-density, high-stakes environments that are characteristic of Northeastern markets. With our robust financial foundation, cutting-edge risk management, and a personalized approach to each policyholder’s needs, EmPRO will deliver unparalleled value and security to New Jersey’s medical professionals.”

EmPRO expects to make inroads with the more than 30,000 licensed doctors in the state.

Garrett P. Cronin Promoted to Chief Underwriting Officer at Integris Group

January 23, 2024 by matray

Integris Group announced the promotion of Garrett Cronin to chief underwriting officer at Integris Group.

Cronin has more than 25 years of experience in the insurance industry. He joined Integris in 2018 as director of underwriting and was promoted to the vice president of underwriting and member services in 2020. Cronin oversaw the integration of a new internal policy administration system and managed the Integris’ underwriting strategies, rate reviews and filings, and ancillary product development. As Integris Group’s new chief underwriting officer, Cronin will oversee the underwriting departments at both Integris Insurance Co. and the recently acquired MedMal Direct Insurance Co (MDIC).

“Garrett’s vast and varied underwriting experience, as well as his history and achievements while heading the Integris underwriting department, make him the ideal person to lead our merged teams into this exciting new chapter for the company,” said Stephen J. Gallant, chief executive officer of Integris Group. “I am confident his expertise and knowledge will lead to tremendous benefits for Integris and MDIC policyholders.”

Alera Group Acquires CLS Healthcare Liability Specialists

January 22, 2024 by matray

Alera Group, an independent national insurance and financial services firm, announced the acquisition of Florida-based CLS Healthcare Liability Specialists (CLS).

With more than 25 years of experience, CLS serves the medical community as an independent agency specializing in creative medical malpractice insurance solutions for physicians, surgeons, hospitals, locum tenens firms, nurse staffing firms and other entities in the healthcare industry.

"Medical and locum tenens staffing organizations have complex healthcare liability concerns,” said Mark W. Ledger, president at CLS. “With our long-standing experience in this area, we have developed custom insurance solutions to address the needs of these unique companies better than anyone in the industry.”

“CLS has continually delivered exceptional services and solutions to their clients and will be a great addition to Alera Group’s Healthcare Liability Team,” said Alan Levitz, CEO of Alera Group. “We are confident that they will enhance our malpractice services and bring their perspectives, experiences and collaborative mindset to our fast-growing presence nationwide.”

The CLS team will continue serving clients in their existing roles. Terms of the transaction were not announced.