Publications & Resources

While MLMIC continues to demonstrate financial strength, Politico New York has reported that one of the state’s major malpractice insurance carriers has both a negative surplus and declining revenues.

On January 17, the Albany Times Union reported a new development in the struggles for one of New York’s major malpractice insurance carriers. Instability of a large provider creates some uncertainty for the entire market, of course, but we want to assure MLMIC policyholders that their coverage is not at risk.

Instability of a large provider creates some uncertainty for the entire market, of course, but we want to assure MLMIC policyholders that their coverage is not at risk.

MLMIC’s latest dividend is based on overall assets of $5.8 billion, a surplus of $1.9 billion and a net income of $100 million. These figures, available in the company’s Q3 statement, show the company’s overall financial condition remains sound.

In a recent special report on the insurance industry in the United States, A.M. Best – a leading insurance rating organization – notes a disturbing trend among risk retention groups (RRGs): they appear to be failing at an increasing rate.

Financials are only part of the picture when it comes to your relationship with your medical malpractice carrier. The length of the relationship matters, as well.

While MLMIC can’t speak to the coverage of our competitors, we can assure our policyholders that MLMIC’s level of protection remains unchanged. We continue to provide exceptional coverage, a strong risk management program and high quality legal counsel.

Many companies sell medical professional liability insurance (MPLI) at deeply discounted rates. And while this may provide immediate relief to the insureds, the financials of these companies can be a cause of concern.

MLMIC announces the appointment of Michael J. Schoppmann, Esq. as President of our service company subsidiary. Schoppmann’s long history of protecting doctors in New York State will contribute to the superior protection, sound defense and active risk management we offer all of our insureds.

Given recent stories about insurers exiting the New York market due to financial difficulties, it is reassuring to know that New York’s leading medical liability insurer is sound and ready to serve its policyholders.