Doxa Insurance’s Promont Insurance Advisors has acquired allied healthcare liability underwriting program manager Pro Liability Group in a deal completed late last month.

Tuckerman Underwriting has secured capacity from Lloyd’s of London to support its new surplus lines allied medical professional liability with commercial general liability program, with the MGA’s latest offering led by new hire Christie Urita.

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.

Underwriting losses for the US medical professional liability insurance (MPLI) market increased significantly in 2023, with a seven-point jump in combined ratio to 109.6 percent, Fitch Ratings has noted, adding that the losses point to a continued need for higher premium rates.

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.

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.

Healthcare-focused MGA Pro-Praxis Insurance has secured capacity from an AM Best A rated carrier to underwrite a book of excess professional liability business.

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,

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,

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

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.

AM Best has revised its outlook for the US medical professional liability (MPL) segment from negative to stable, citing factors including improved rate adequacy, the diminishing impact of pandemic-related exposure and persistently redundant loss reserves.

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.

Concert Insurance Group member Indigo has launched its new medical professional liability insurance platform, with backing from healthcare and technology investment firms Rubicon Founders and Oak HC/FT, with additional funding from Optum Ventures and other strategic investors.