Physicians to See Rate Decrease in Medical Malpractice Insurance
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BOSTON, MA, Jul 21, 2008 (MARKET WIRE via COMTEX) — ProMutual Group recently announced a rate reduction for individual physicians and surgeons in the state of Pennsylvania. All Individual Professional Liability (IPL) policyholders will receive a 6 percent decrease in their base rate. Rate changes became effective July 1, 2008, for both new and renewal policies.
“We are pleased that our overall stability as a company has allowed us to lower rates for individual physicians and surgeons in Pennsylvania,” said Richard W. Brewer, president and CEO for ProMutual Group. “Although there are cycles of highs and lows in the insurance industry, ProMutual Group has been able to keep rates relatively level for physicians so that they can focus on patient care rather than premiums.”
The decision to file for the IPL rate reduction was reached after a careful analysis of objective data which revealed patterns that clearly supported the decrease for all individual physicians and surgeons. Only one group, certified nurse midwives, was determined to require an increase above the current base rate, which will be a significant 150 percent increase.
While a relative newcomer to the state of Pennsylvania, ProMutual Group has a long history of providing medical liability coverage to healthcare providers. The company is dedicated to maintaining a strong position in Pennsylvania. ProMutual Group maintains close relationships with independent agents and has worked with the state medical society to better serve the state’s healthcare community.
For more information about ProMutual Group’s products and services go to www.promutualgroup.com or contact Nina Akerley to speak with a company representative at nakerley@promutualgroup.com or (617) 946-8665.
About ProMutual Group
ProMutual Group is one of the leading providers of medical liability insurance in the Northeast, insuring more than 18,000 physicians, surgeons, and dentists as well as a large number of hospitals, health centers and clinics. It is one of the top 10 medical liability insurance providers in the country based on direct written premium. ProMutual Group has in excess of $2.2 billion in net admitted assets, more than $600 million in policyholder surplus and nearly $320 million in direct written premium. ProMutual Group has an A.M. Best’s rating of A- (Excellent), and is acknowledged as a leader in providing risk management and claim services to the healthcare community.
Based in Massachusetts, ProMutual Group member companies also operate in Connecticut, Maine, New Hampshire, New Jersey, Pennsylvania, Rhode Island and Vermont. ProMutual Group distributes its products through independent agents. For more information, visit ProMutual Group’s web site at www.promutualgroup.com.
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