MedMal Direct Insurance Company Announces New Reinsurance Treaty
September 17, 2011
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.”