Medical malpractice

ProAssurance CR up 2.7 points to 110.9% in Q2

ProAssurance’s combined ratio ticked up 2.7 points to 110.9 percent in Q2 2024 as both its net loss and underwriting expense ratios increased during the period, while the carrier’s operating income per diluted share for the three month stretch came in ahead of analysts’ consensus forecast.

London Calling (Version Two)

Acrisure’s John Sutton reflects on the evolution of the London healthcare market.

ProAssurance’s shares trade up 9% after Q1 earnings beat

ProAssurance’s share price closed up almost 9.5 percent on Tuesday as investors responded favourably to the firm’s marginal Q1 2024 earnings beat, while the carrier’s management painted a healthcare liability pricing picture that remains challenging partly because of mutuals’ ability to underwrite to different profitability targets.

ProAssurance’s Rand: Rate rises needed across MPL market

Rate rises are needed across the entire medical professional liability (MPL) market with the sector’s loss environment showing no sign of improvement as social and medical inflation continue to push judgments and settlements higher, according to ProAssurance president and CEO Ned Rand.

Alera bolsters healthcare capabilities with CLS deal

Alera Group has strengthened its healthcare offering with the acquisition of medical malpractice focused CLS Healthcare Liability Specialists.

NOW launches new Arch capacity-backed physicians and physician group programs

Medical professional liability-focused insurtech MGA NOW Insurance has launched two new programs targeted at physicians and physician groups that will be written on the capacity of Arch Insurance, Program Manager can reveal.

CAC Specialty adds Lockton’s Stelly to nascent healthcare practice

CAC Specialty has added Lockton’s Liz Stelly to its growing healthcare practice, with the professional liability and medical malpractice specialist joining the broker as a senior vice president, The Insurer can reveal.

Gallagher acquires Michigan retail agency Coverys

Arthur J Gallagher has continued its buy-up of retail agencies to deepen its geographic and product footprint with the acquisition of certain assets of East Lansing, Michigan-based Coverys Insurance Services.

QBE NA lands Beazley’s Livatino to lead healthcare liability

QBE North America has added John Livatino to its roster, with the new hire from Beazley joining the company as head of healthcare liability.

ProAssurance stock dips another 6.3% during Friday trading

ProAssurance’s stock fell another 6.3 percent during trading on Friday, adding to the 21.9 percent slide the carrier’s share price suffered on Thursday.

ProAssurance share price drops 22% after Q3 earnings miss

ProAssurance’s stock plummeted 21.9 percent during trading Thursday as investors responded to its substantial Q3 2023 earnings miss, as well as to the commentary from the carrier’s management on the impact “pervasive” high medical inflation is having on its workers’ compensation and professional liability offerings.

Compre completes acquisition of Covéa’s MIC

Compre has completed its acquisition of Covéa’s Irish subsidiary, Medical Insurance Company DAC.

NOW to unveil new med mal products after securing Arch investment and capacity

NOW Insurance is poised to bring a suite of surplus lines medical malpractice-related products to market in the coming months after the insurtech MGA welcomed new investment from an Arch Capital subsidiary while also agreeing a capacity deal with Arch Insurance North America.

CAC adds McDevitt to newly launched healthcare practice

CAC Specialty has made another hire to its newly formed healthcare practice following the arrival of Erin McDevitt from WTW, The Insurer can reveal.

MPL Association: Carriers post best CR in five years in 2022

The US medical professional liability (MPL) market ended 2022 with its best result in five years as its collective combined ratio improved 5.9 points to 102.2 percent on the back of lower-than-in-the-prior-year loss and expense ratios, new data from the MPL Association shows.

Canopius launches medical malpractice business with Moulton hire

Canopius has launched a medical malpractice business with the appointment of Ashley Moulton as healthcare underwriter.

CAC adds Governor to expansive healthcare division

CAC Specialty’s newly formed healthcare division has added another market specialist to its ranks with Karmanee Governor joining as a senior account executive, The Insurer can reveal.

RPS’ McNitt: Litigation funding “a huge problem” for healthcare liability market

Third party litigation funding remains a “huge problem” for the healthcare liability market with the fast-growing industry helping to fuel record breaking nuclear verdicts, although despite the challenges carriers remain in growth mode with insurers hunting for new business along with rate increases, according to Risk Placement Services’ James McNitt.

AM Best: MPL writers face increasing claims frequency due to California’s MICRA

The US medical professional liability (MPL) sector is facing “persistent challenges to tort reform” following changes to California’s Medical Injury Compensation Reform Act (MICRA) and developments in other states, AM Best has commented, with the rating agency maintaining a negative outlook on the segment.

MPL mutuals Curi and Constellation agree merger deal

Medical professional liability (MPL) specialists Curi Holdings and Constellation Inc have agreed to merge in a deal that will create an enlarged business generating some $400mn in revenue each year and which serves over 50,000 physicians, healthcare providers, and organizations across the US.