Business Insurance Quotes
Two mutual medical malpractice insurers merge
With the blessings of New York and New Jersey regulators and the approval of both companies' boards of directors and policyholders, Medical Liability Mutual Insurance Co. and Healthcare Underwriters Mutual Insurance Co. have merged into the largest mutual medical malpractice insurer in the United States.
|"Combining our two companies makes sense — we were founded at the same time for the same reasons, and we share a similar corporate culture and philosophy."|
The new company, which will retain the name Medical Liability Mutual, will underwrite more than $425 million in annual premiums, insuring more than 32,000 doctors, healthcare professionals, and hospitals across the country.
"Combining our two companies makes sense," says Andrew Patterson, M.D., president of Medical Liability Mutual. "We were founded at the same time for the same reasons, and we share a similar corporate culture and philosophy."
Healthcare Underwriters Mutual, which will be known as the HUM division of Medical Liability Mutual, will continue to be led by Gerald Cassidy, the former president and chief executive officer of The HUM Group.
"The insurance market is changing, with a trend toward fewer but larger companies," says Cassidy, now the president of the HUM Division. "Merging with Medical Liability Mutual allows both companies to maintain financial strength and offer more products, enhanced coverage, and competitive premiums."
Both HUM and Medical Liability Mutual plan to retain their current management teams, and several HUM board members have joined the board of the newly merged insurer.