ProMutual Group Announces Significant Rate Decreases for State's Physicians
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BOSTON, MA, Dec 10, 2008 (MARKET WIRE via COMTEX) — New Jersey physicians and hospitals will see a drop in medical liability insurance rates from ProSelect Insurance Company (“ProSelect”), a member of ProMutual Group. Physicians and surgeons will receive an 11 percent decrease while healthcare facilities, including hospitals and clinics, will receive a 7.5 percent decrease. The company’s decision will impact more than 3,000 physicians and many of the state’s hospitals and facilities. The rate change became effective on December 1, 2008.
“We’ve spent the better part of a decade working closely with New Jersey’s healthcare providers to help mitigate risk and increase safety on the front lines of patient care,” said Richard W. Brewer, president and CEO of ProMutual Group. “We’ve also been behind the scenes maintaining conservative investment and management practices to uphold the strong financial condition of the company. After weathering the peaks and valleys of the business, it is because of these prudent practices that we are now able to provide this significant base rate decrease.”
The company’s sound underwriting practices have had a considerable impact on its ability to maintain financial stability and lower rates in New Jersey. Additionally, aggressive claim defense and proactive risk management have resulted in decreased losses and controlled costs. Likewise, the close relationships fostered between the ProMutual Group team, policyholders and independent agents is important in managing risk and providing physicians and hospitals with the resources and services they need to practice excellent medicine.
“Careful management focused on longevity rather than short term goals led to this decision to lower rates,” said Michael R. Kubik, vice president of marketing for ProMutual Group. “Not only will our insureds benefit from today’s lowered rates, but they also have the comfort of knowing that our entire team is supporting them from the moment they book their policy and for years to come.”
Throughout its tenure in New Jersey, ProMutual Group has been an active supporter of state and local medical societies and associations. The company also recently presented a donation to the New Jersey State Medical Society’s Physician Health Services to promote physician well-being.
For more information about ProMutual Group’s products and services visit the company’s web site at www.promutualgroup.com. You may also 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 over $300 million in direct written premium as of 2007. ProMutual Group has a 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.
* U.S. Medical Malpractice – 2007 Direct Premiums Written, Best’s Review, August 2008.
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