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Discover how the healthcare professional liability landscape has evolved since 2014. Updated with major industry events, this curated resource keeps you informed about the key developments in the healthcare professional liability industry.
PULIC Changes Name to TDC Specialty Insurance Company
Professional Underwriters Liability Insurance Company (PULIC) changes their name to TDC Specialty Insurance Company. Although the name on policy forms and correspondence have changed to TDC Specialty, the company's operations, staff, and existing policies remain unaltered.
XL GROUP COMPLETES ACQUISITION OF CATLIN GROUP LIMITED
The acquisition of Catlin Group Limited by XL Group finalizes. The combined organization launches a new brand, XL Catlin. Per the press release, with the creation of this new brand “A new global marketing campaign, reflecting the greater scale, ambition and opportunity for the combined company to develop innovative risk solutions for complex risk problems…” is launched.
CAPSPECIALTY LAUNCHES HUMAN AND SOCIAL SERVICES PRODUCT
CapSpecialty launched their professional liability product for human and social services risks available only through limited access wholesale-only distribution channels.
CFC UNDERWRITING ROLLS OUT HEALTHCARE SPECIFIC CYBER LIABILITY PRODUCT
CFC Underwriting, a specialty Lloyd’s MGA, launched a new cyber liability policy specifically designed for U.S. healthcare providers.
Rockhill Exits Healthcare Line of Business
Rockhill Insurance Company announced its exit from medical professional liability to its producers. The company, known for its concentration on medical professional liability insurance for senior care facilities, stated that it would uphold service for existing policies but would not renew accounts upon expiration.
MLMIC To Be Acquired by Berkshire Hathaway / National Indemnity Company
Medical Liability Mutual Insurance Company (MLMIC) announced today that it has entered into an agreement to be acquired by Berkshire Hathaway subsidiary National Indemnity Company. MLMIC is the largest medical malpractice writer in New York and the fifth largest in the United States. Berkshire Hathaway Insurance Group is the largest medical malpractice writer in the United States.
TDC Announces New Subsidiary: TDC Specialty Underwriters, Inc.
The Doctors Company (TDC) introduces a new subsidiary called TDC Specialty Underwriters, Inc. (TDCSU). This subsidiary is dedicated to offering professional liability (medical malpractice) insurance to diverse healthcare facilities, including hospitals, various medical facilities, and long-term care facilities. Additionally, TDCSU intends to provide other lines of coverage for healthcare facilities, including Directors & Officers (D&O), Employment Practices Liability (EPL), and Managed Care Errors & Omissions (E&O) insurance.
CapSpecialty Introduces Package Capability for Miscellaneous Medical
CapSpecialty announced the roll-out of package capabilities for most miscellaneous medical classes of business.
Doctors & Surgeons National RRG Placed In Rehabilitation By State of Vermont
A statement was issued by the state of Vermont noting: “…by order of the Washington County Superior Court dated October 7, 2016 (“Rehabilitation Order”), Doctors and Surgeons National Risk Retention Group IC, Inc.… has been placed in rehabilitation…”. It further stated that Vermont’s Commissioner of the Department of Financial Regulation was appointed as the “Rehabilitator”.
“...the Rehabilitator…will be paying policyholder-level claims at a 50% rate (and deferring payment of the remainder), and has cancelled all in-force policies effective November 12,2016.”
FAIRFAX SEEKS TO ACQUIRE ALLIED WORLD
Fairfax Financial announces plans to acquire Allied World for $4.9 billion; both companies have notable involvement in healthcare liability insurance, with Allied World's role bolstered by its acquisition of Darwin Professional Underwriters in 2008, while Fairfax Financial is also linked through its subsidiary Hudson Specialty.
Another Carrier Withdraws from U.S. Medical Malpractice Arena
XL Catlin’s North American Excess & Surplus stops writing medical malpractice insurance.
Liberty Mutual Announces Plans to Purchase Inshore Insurance, Inc.
Liberty Mutual Insurance announced its plans to acquire Ironshore Inc., a global specialty lines company, from Fosun International Limited.
Florida Supreme Court Overturns Cap On Pain & Suffering In Medical Malpractice Cases
Florida Supreme Court upheld an earlier decision by the Fourth District Court of Appeal in the case “North Broward Hospital District v. Kalitan” and ruled that caps on personal injury non-economic damages in medical malpractice cases violate the Equal Protection Clause of the Florida Constitution.
Fairway RRG Files Chapter 13
Fairway Physicians Insurance Co. RRG filed for Chapter 13 bankruptcy. As a result of this filing, a "Stay Order" was put into effect, freezing all litigation, including ongoing medical malpractice claims. Fairway's Program Administrator, Thorson Specialty, collaborated with brokers to transition many former policyholders to AMS, another RRG.
South Carolina DOI Files Petition To Place Oceanus RRG Into Receivership
The Director of the South Carolina Department of Insurance submitted a petition in accordance with the South Carolina Insurers Rehabilitation and Liquidation Act, seeking appointment as the Liquidator for Oceanus Insurance Company. The petition stated that Oceanus RRG failed to maintain the required minimum capital and surplus consistently, and was unable to address the underlying issues leading to this capital deficiency in a timely manner. The petition identified that Oceanus RRG's financial condition posed hazards to policyholders, creditors, and the public, deeming it insolvent according to SC Code A. & 38-27-50 (10) (2015).
Liberty Mutual Finalizes Ironshore Merger
Liberty Mutual completes the purchase of Ironshoore, now owning 100% of the business and increasing their capacity for specialty lines.
Healthcare Providers Insurance Exchange (HPIX) Announces Voluntary Liquidation
HPIX announced a voluntary liquidation under the supervision of the Pennsylvania Insurance Department. This decision followed independent actuarial projections suggesting that HPIX might lack adequate assets to cover its liabilities.
Lancet Indemnity RRG Moves Into Voluntary Runoff
As a result of ongoing issues with the Nevada Department of Insurance, Lancet Indemnity, a physician-focused risk retention group, announced that they were moving into voluntary runoff. Effective 6/1/18 Lancet stopped writing new business. All existing business with effective dates prior to 8/1/18 received renewal terms. All existing business with effective dates on or after 8/1/18 were not renewed. Lancet stopped offering ERP/Tail terms on any policies effective on or after 6/1/18.
NAS Insurance Exits the Aging Services Market
NAS Insurance announced its withdrawal from a limited set of assisted living accounts, primarily those concerning smaller facilities with bed counts under 25. This followed the trend of several carriers leaving the aging services sector in recent months. Despite this shift, NAS Insurance remains operational, engaging in various other lines and categories of coverage.
Capson Physicians Insurance Company Placed Into Rehabilitation
The District Court of Travis County, Texas granted a request by the Texas Commissioner of Insurance to place Capson Physicians Insurance Company into rehabilitation pursuant to applicable Texas Insurance Code. While not “insolvent” as that term is defined in applicable Texas Insurance Code, Capson was found to be “impaired”. The Texas Commissioner of Insurance was appointed as Rehabilitator.
RLI Transitions Rockbridge Business to ProAssurance
RLI Corp. announces that they have decided to divest themselves of the Rockbridge medical professional liability. Effective immediately, the Rockbridge book of business was transitioned to ProAssurance.
TDCSU Purchases One Beacon Healthcare Renewal Rights
TDC Specialty Underwriters (TDCSU) enters into a binding agreement with One Beacon Insurance Group (One Beacon) to purchase the renewal rights to One Beacon’s Managed Care and Medical Professional Liability books of business, formalizing One Beacon’s decision to exit the health care segment.
MAGMutual and West Virginia Mutual To Become Single Company
MAGMutual and West Virginia Mutual Insurance Company issue a press release announcing a merger. The press release also stated that West Virginia Medical would persist as a distinct legal entity.
CAP Enters Into New Relationship With MAGMutual
Cooperative of American Physicians (CAP) posted a press release advising they have partnered with Professional Security Insurance Company (PSIC), a member of the MAGMutual Group.
ProAssurance Completes NORCAL Acquisition
The merger of NORCAL Group into ProAssurance finializes following NORCAL Mutual Insurance Company's demutualization on April 26th. As a result, ProAssurance becomes the third-largest medical malpractice insurer for physicians in the United States.
CNA Pauses on Writing Hospitals
CNA pauses writing medical professional liability for hospital accounts across the U.S., including existing hospital policies. CNA begins to non-renew all current accounts, and no longer seeks new hospital accounts.
California's MICRA Recieves Major Update
Bill AB 35 gets cross-isle support in California, proposing major update to California's MICRA Laws and increasing maximum payouts for the first time in decades.
MagMutual Reaches Agreement for the Acquisition of MDAdvantage
MagMutual announced that they have reached a deal for the acquisition of MDAdvantage. MDAdvantage issues an email assuring policyholders that they will continue serving customers under the MagMutual name.
MagMutual's Acquisition of MDAdvantage Approved by New Jersey Regulators
Updated MICRA Goes Into Effect
Initial updates to MICRA officially begin taking place, with more updates to continue over the next ten years.
MagMutual's Acquisition of MDAdvantage Completes
MagMutual officially takes over full ownership of MDAdvantage.