2011 Payment Over $14 Million in Addition to Consecutive Dividends and Rate Decrease
NAPA, Calif.--(BUSINESS WIRE)-- The Doctors Company, the nation’s largest insurer of physician and surgeon medical liability, is pleased to announce that former Northwest Physicians Mutual (NPM) policyholders in Oregon and Idaho will receive more than $37 million in total for their NPM interest.
Following The Doctors Company acquisition of NPM in 2006, former NPM policyholders received annual payments, including over $14 million for 2011. These payments totaled over $37 million, averaged over $17,000 per policyholder, and far exceeded the projected final purchase price.
“The larger-than-anticipated payment to Oregon and Idaho physicians and clinics resulted from The Doctors Company’s favorable reserve development—a testament to our superior claims defense,” said James T. Dorigan, Jr., regional operating officer and senior vice president, The Doctors Company. “The payments demonstrate The Doctors Company’s commitment to defend, protect, and reward physicians for the practice of good medicine.”
Oregon members of The Doctors Company received an average 5.1 percent rate decrease from The Doctors Company and membership dividends of 7.5 percent in 2010. They will also receive additional 5 percent dividends in 2011. Idaho physicians received 10 percent dividends in 2010 and will also receive 10 percent in 2011. Dividend distributions for 2011 will appear as credits against current premiums effective with renewals beginning July 1.
In addition to the return of premium, rate decrease, and dividends, former NPM policyholders, upon renewal with The Doctors Company, became eligible for industry-leading member benefits, including the Tribute® Plan, a breakthrough financial benefit that rewards members for their continued loyalty to The Doctors Company and for their commitment to a higher standard of care. The Doctors Company also offers comprehensive patient safety programs and a wide array of tools, support, and services to make practicing medicine easier and more rewarding for members.
The Doctors Company insures nearly 4,000 physician members in Oregon and Idaho combined.
About The Doctors Company
Founded by doctors for doctors in 1976, The Doctors Company (www.thedoctors.com) is relentlessly committed to advancing, protecting, and rewarding the practice of good medicine. The Doctors Company is the nation’s largest insurer of physician and surgeon medical liability with nearly 55,000 member physicians, $4 billion in assets, an A rating by Fitch Ratings, and an A- rating by A.M. Best Company.
The Doctors Company
Brendan Doherty, 707-226-0261
KEYWORDS: United States North America California
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