7/9/2008
Seattle, WA—The Board of Directors of Physicians Insurance recently announced that the company will distribute $5,000,000 in dividends to eligible members during September 2008. Those eligible will receive a pro rata share of the total dividend based on their individual premium written from January 1, 1982, through September 1, 2008.
The dividend distribution comes as a result of the company’s sound fiscal and risk management practices, including strong capitalization, conservative reserves, aggressive claims defense, and fair and reasonable claims costs. The Company has also lowered premiums from 5% to 20% for members through the ACCOLADES™ loss experience credit, which was launched in January 2008.
“This is one way of saying ‘thank you’ to our dedicated physician owners who contribute to the strength of Physicians Insurance,” said Mary-Lou A. Misrahy, ARM, president and CEO of the firm.
In keeping with the company mission of providing insurance coverage at the lowest possible cost consistent with sound financial and insurance practices, Physicians Insurance is rewarding eligible members for participation in their mutual company. “We are owned by physicians and we operate for physicians,” Ms. Misrahy said. “This dividend distribution shows our commitment to operating a medical liability insurance business that respects this fact. That’s the value of buying from a mutual company.”
Physicians Insurance A Mutual Company, a Washington-based provider of medical professional liability insurance coverage, is composed of more than 5,400 owner physicians in the states of Washington, Idaho, and Oregon. Founded in 1981, the $350 million firm has grown to be the largest insurer of physicians in Washington State. Physicians Insurance holds an A- (Excellent) rating by A.M. Best Company, the world’s leading insurance-company rating agency. Physicians Insurance maintains corporate headquarters in Seattle, with a regional office in Spokane, Washington.
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