- August 3, 2011
Boston, MA – Medical Professional Mutual Insurance Company (“ProMutual”), a member company of leading medical professional liability insurance provider Coverys, is pleased to announce that its Board of Directors recently declared a five percent dividend to most healthcare facility policyholders in Massachusetts. This year’s dividend announcement follows a five percent dividend in 2010. The dividend coincides with no increase in medical professional liability insurance rates for this group. Both decisions affect almost 100 healthcare facilities in Massachusetts.
“We are pleased to be able to offer a dividend to our Massachusetts healthcare facility policyholders for the second year in a row,” said Richard W. Brewer, president and chief executive officer for Coverys. “We know it is a challenging time for many healthcare providers and it is reassuring to have these positive results from our policyholders. We hope that this dividend, coupled with no rate change, reinforces the importance of our risk management offerings, as we continue to invest in these areas of our business that most benefit our policyholders.”
The 2011 healthcare facility dividend is a continuation of last year’s dividend and reflects the company’s positive past performance. The funds used for the dividend were originally allocated to pay forecasted claims, but actual costs were less than anticipated. Additionally, the expertise of the company’s claim staff and the company’s commitment to helping policyholders focus on patient safety through risk management contributed to this outcome. Qualified policyholders will receive the dividend beginning on September 1, 2011.
The decision to maintain the same base rates was reached after careful analysis by the company’s actuarial staff and external consultants revealed lower loss and allocated loss adjustment expense severity than was estimated.
For more information about Coverys, visit www.coverys.com, or contact Katharine Gould, public relations specialist, at (617) 946-8665 or firstname.lastname@example.org.
About Coverys (formerly ProMutual Group)
Coverys is one of the top 10 medical professional liability insurance providers in the country based on direct written premium. Coverys member companies insure more than 20,000 physicians, surgeons, dentists, certified nurse midwives and allied healthcare providers as well as nearly 500 hospitals, health centers and clinics in 22 states from coast to coast. Coverys has net admitted assets in excess of $3.0 billion as of December 31, 2010. Coverys member companies Medical Professional Mutual Insurance Company, ProSelect Insurance Company,
MHA Insurance Company and Washington Casualty Company have a Best’s Rating of A- (Excellent). Other Coverys member companies include FinCor Solutions, a multi-line insurance agency, and the Risk Management and Patient Safety Institute, which focuses on clinical risk reduction, quality patient outcomes and education. Coverys as a whole is acknowledged as a leader in providing risk management and claim services to the healthcare community, and it offers risk management consultations and educational activities to healthcare providers across the country. For more information on the enterprise and its member companies, visit the Coverys website at www.coverys.com.