Dividend Distribution and No Rate Change for Most Physicians and Surgeons in Massachusetts

Boston, MA - May 22, 2013 - Coverys member company Medical Professional Mutual Insurance Company is pleased to announce that its Board of Directors has declared a 10 percent dividend coupled with no increase in base rates for the more than 7,500 physicians and surgeons it insures in Massachusetts. This is an increase of 33 percent over last year’s dividend and reflects the company’s continued positive performance. In the past five years, Coverys had distributed over $30 million in dividends to Massachusetts policyholders.

Coverys’ losses were less than anticipated in prior years, allowing the company to dividend back funds originally allocated to pay forecasted claims. Qualified policyholders will receive the dividend beginning on July 1, 2013.

“We are pleased to be able to once again distribute a dividend to the majority of our Massachusetts physicians,” said Gregg L. Hanson, CEO and president for Coverys. “The efforts of our policyholders to practice safe medicine has not been unrecognized. We believe that their use of our risk management and patient safety services has contributed to both the dividend being issued and the third consecutive rate hold.”

The decision not to increase base rates was reached after loss estimates for the rate year developed more favorably than expected, based on prior year’s analysis, and affects physicians, surgeons, and certified midwives.

For more information about Coverys, visit www.coverys.com, or contact Loren LeVasseur, public relations specialist, at (617) 946-8665 or llevasseur@coverys.com.
 

About Coverys

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 25,000 physicians, surgeons, dentists, certified nurse midwives and allied healthcare providers, as well as more than 500 hospitals, health centers and clinics in 23 states from coast to coast. Coverys has net admitted assets of $3.3 billion, direct written premium of $368 million and policyholder surplus of $1.3 billion, as of December 31, 2012. In addition, Coverys insurance member companies Medical Professional Mutual Insurance Company (“ProMutual”) and ProSelect Insurance Company (“ProSelect”), as well as ProMutual-sponsored Coverys RRG, Inc. (“Coverys RRG”) have a Best’s Rating of A (Excellent). MHA Insurance Company (“MHAIC”) and Washington Casualty Company (“WCC”) have a Best’s Rating of A- (Excellent).

Coverys emphasizes physician education and patient safety, and the company is acknowledged as a leader in providing supportive risk management services and resolute claim defense to the 101 Arch Street, P.O. Box 55178 Phone: 617.330.1755 Boston, MA 02205-5178 Toll Free: 800.225.6168 www.coverys.com Fax: 617.330.1748 healthcare community. Coverys also offers a variety of interactive and relevant continuing medical education (CME) activities to healthcare providers across the country. For more information visit the Coverys website at www.coverys.com. Timely industry and company news can also be found on the Coverys blog at coverys.wordpress.com, on Twitter (@Coverys) and on the company’s Facebook page.