Coverys Announces the Creation of Coverys Custom Accounts
To expand specialized services for healthcare providers in the evolving professional liability marketplace
Boston, MA - August 6, 2014 - Coverys, a leading provider of medical professional liability insurance and related services, is pleased to announce that it has established Coverys Custom Accounts (“CCA”), a large account underwriting division formed to support Coverys’ strategic plan and further its expansion into the large account underwriting and services arena.
CCA is at the forefront of Coverys’ continuing strategy to respond to the needs of hospitals, health systems and physician groups as they navigate changes resulting from the Affordable Care Act. Clinical and financial integration of the healthcare delivery system is posing challenges for providers on all levels and is bringing with it a trend towards structuring delivery of care on a larger and broader scale. Coverys Custom Accounts will offer solutions to large providers to address the unique risks associated with these new and often complex structures.
“Establishing CCA demonstrates our commitment to expanding our services in the large account underwriting arena. CCA will be an integral part of our strategy to become the market leader in medical professional liability program underwriting and design wherever these services are needed,” said Gregg L. Hanson, CEO and president of Coverys.
CCA will have a dedicated large account underwriting unit responsive to producer needs featuring capabilities that embrace alternative risk financing structures, excess coverage and reinsurance programs. In addition, CCA clients will have access to the Coverys suite of comprehensive risk management and patient safety educational programs, as well as online and in-person educational programs that provide continuing medical education credits for physicians and nurses. The depth of these offerings is not found today in the large account underwriting market.
Veteran healthcare captive and professional liability insurance consultant Michael Maglaras, principal of Michael Maglaras & Company, has been retained to help refine and enhance Coverys’ large account market response internationally. Maglaras will be working closely with Brad Lonsberry, senior vice president of custom accounts for Coverys, to capture new business and manage existing clients in the alternative and self-insured marketplace.
“I’m pleased to have Mike Maglaras on board as a consultant and senior advisor,” said Brad Lonsberry. “Mike’s experience in large account underwriting program design and his knowledge of the captive insurance industry will be critical to achieving our goals. His understanding of emerging risks and capacity needs under accountable care and other related requirements will be of great benefit to our new and existing clients.”
For more information about Coverys, contact Loren LeVasseur, public relations specialist, at (617) 946-8665 or firstname.lastname@example.org.
Coverys is the eighth largest medical professional liability insurance provider in the country based on direct written premium. Coverys companies insure more than 25,000 physicians, dentists, and allied healthcare providers, as well as more than 500 hospitals, health centers and clinics in 27 states from coast to coast. Coverys has net admitted assets of $3.4 billion and direct written premium of $363 million as of December 31, 2013. In addition, Coverys insurance companies Medical Professional Mutual Insurance Company (“ProMutual”) and ProSelect Insurance Company, as well as ProMutual-sponsored Coverys RRG, Inc. have a Best’s Rating of A (Excellent). MHA Insurance Company and Washington Casualty Company 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 healthcare community. For more information, visit Coverys at www.coverys.com