- May 12, 2011
Boston, MA – Medical Professional Mutual Insurance Company (“ProMutual”) is pleased to announce that its Board of Directors recently declared a six percent dividend to most physician and surgeon policyholders in Massachusetts. This year’s dividend announcement follows a six percent dividend in both 2010 and 2009 and a five percent dividend in 2008. The dividend coincides with no increase in base rates for Massachusetts physician and surgeon policyholders. Both decisions affect over 7,500 physicians and surgeons in Massachusetts.
“We are proud to be able to offer so many Massachusetts physicians and surgeons a dividend for the fourth consecutive year,” said Richard W. Brewer, president and chief executive officer for ProMutual Group. “We believe this dividend coupled with no rate increase is a testament to our effective communication with policyholders regarding important and relevant risk management practices. We will continue to invest in areas of our business that most benefit our policyholders and protect the practice of excellent medicine.”
As with previous years, the 2011 dividend reflects the company’s positive past performance and is an outcome of ProMutual’s loss reserve strength, which is ultimately the result of favorable development from prior year’s estimates. The expertise of the company’s claim staff and the company’s commitment to helping policyholders focus on patient safety through risk management also contributed to this outcome. Qualified policyholders will receive the dividend beginning on July 1, 2011.
The decision to maintain the same base rates was reached after loss estimates for the rate year developed more favorably than expected based on the prior year's analysis.
For more information about ProMutual Group, visit www.promutualgroup.com, or contact Katharine Gould, public relations specialist for ProMutual Group, at (617) 946-8665 or firstname.lastname@example.org.
About ProMutual Group
ProMutual Group is one of the top 10 medical professional liability insurance providers in the country based on direct written premium. ProMutual Group 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. ProMutual Group has net admitted assets in excess of $3.0 billion as of December 31, 2010. ProMutual Group member companies Medical Professional Mutual Insurance Company, ProSelect Insurance Company and MHA Insurance Company have a Best’s Rating of A- (Excellent) and Washington Casualty Company has a Best’s Rating of B+ (Good). ProMutual Group 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 at cost to healthcare providers across the country. For more information, visit ProMutual Group’s website at www.promutualgroup.com.