Medical professional liability

Doxa’s Promont adds to healthcare capabilities with Pro Liability acquisition

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 launches Lloyd’s capacity backed allied MPL program

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 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.

Fitch: US MPLI losses widened in ’23 despite positive pricing trends

Underwriting losses for the US medical professional liability insurance 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 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.

CRC’s Pro-Praxis secures A rated capacity for new HELP program

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.

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.

AM Best revises MPL outlook to stable on improved rate adequacy

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

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.

Indigo formally launches MPL platform with Rubicon and Oak HC/FT backing

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.

Polo assumes management of Coverys Syndicate 1975

Polo Managing Agency has assumed management of specialist medical professional lines syndicate, Coverys Syndicate 1975.

Prime hires RT Specialty’s Schlueter to lead new healthcare PL program

E&S carrier Prime Insurance Company has hired industry veteran Bart Schlueter from RT Specialty to lead the launch of a new program offering primary and excess limits of up to $20mn for distressed and hard-to-place hospitals, physicians, senior care/long-term care, and social services/behavioral health institutions.

Fitch: MPL posts 5.4% CR drop in 2022 but profit remains elusive in challenging market

The medical professional liability insurance market’s aggregate combined ratio improved 5.4 points in 2022 but still ended the year in the red, with Fitch Ratings warning that the sector’s return to a consistent underwriting profit “is unlikely”.

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.

ProAssurance shares slump 22% after flurry of heavy medical professional losses

ProAssurance’s share price closed down 22 percent on 10 May following a big Q1 earnings miss driven by medical professional liability losses, with CEO Ned Rand telling analysts that four of its insureds had been hit by verdicts of over $15mn this year.

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