JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Jacksonville-based MedMal Direct Insurance Company announces their new reinsurance treaty with a panel of international reinsurers including Lloyd’s of London and Bermuda based companies, all of which have an A.M. Best financial stability rating of A (Excellent). The reinsurance program for MedMal Direct has been created with the guidance and creativity of Lockton Re LP, an international insurance and reinsurance intermediary.
With this treaty, physicians in Florida can now secure medical professional liability limits of up to $1mm/$3mm from the only carrier in the state to exclusively offer its policies on a direct-written basis. These enhanced policy limits – when combined with the most competitive premiums, superior customer service and aggressive litigation management – add yet another element of service and financial stability to the company’s already-unique medical malpractice offering. MedMal Direct is the only medical professional liability insurer in Florida that does not use independent agents or brokers, enabling it to offer all physician practices significant savings on their premiums by buying direct.
Tim Bone, President of MedMal Direct, comments: “We are excited to enhance our product capability, and to provide additional financial stability behind our company. This is another step towards building the most dynamic company in the Florida medical malpractice marketplace and another milestone towards our commitment to Florida’s physicians.”
Butler Ball, Chief Executive Officer of MedMal Direct, adds: “We are creating a paradigm shift in the market which is having a net positive effect in the entire healthcare industry. I listen to our political leaders on a daily basis debate the myriad ways in which we can reduce the cost of healthcare, from tort reform to health insurance reform. We are reducing physicians’ overhead every single day; we are part of the solution.”
About MedMal Direct Insurance Company:
MedMal Direct Insurance Company (MedMal Direct) is a Florida stock insurance company that provides medical malpractice insurance directly to the physicians without the use of insurance agents or brokers; and is enabling physician practices to realize significant savings on one of their largest expenses — medical professional liability insurance premiums. MedMal Direct has developed the business model and customer service platform to be “cost effective, user-friendly and responsive" at a time when the bottom line of physicians is under pressure from the economic downturn and reductions in reimbursement rates. With a strong balance sheet, an actuarially-sound and conservative underwriting philosophy, and a panel of A.M. Best A (Excellent) rated reinsurers, MedMal Direct provides Florida’s physician practices with the comfort and protection they need at a lower price. “It’s Better To Be Direct.” Visit www.mymedmal.com for more information.
About Lockton:
More than 3,800 professionals at Lockton provide more than 15,000 clients around the world with insurance, benefits, and risk management services, offering an uncommon level of client service. From its founding in 1966 in Kansas City, Missouri, USA, Lockton has grown to become the largest privately held insurance broker in the world and 9th largest overall. Business Insurance recognized Lockton as a Best Place to Work in Insurance. You can learn more at www.lockton.com.
CONTACT:
MedMal Direct Insurance Company
Tim Bone, 904-482-4068
President
www.MyMedMal.com
KEYWORDS: United States North America Florida
INDUSTRY KEYWORDS: Practice Management Health Hospitals Other Health Professional Services Consulting Insurance Other Professional Services General Health Managed Care
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