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SOURCE Physicians Insurance
Distribution marks sixth consecutive year of dividends to policyholders, with a historical total of more than $70 million in dividends.
SEATTLE, Sept. 12, 2013 /PRNewswire/ -- Physicians Insurance, the largest Northwest-based provider of medical professional liability insurance, announced the company will distribute a $5 million dividend to policyholders in September 2013. This is the sixth consecutive dividend released to policyholders, totaling more than $30 million returned to members in the past six years, and more than $70 million in the company's history. Unlike many public insurance companies, Physicians Insurance pays dividends to policyholders and not out-of-state shareholders, effectively keeping funds in the home communities of its member policyholders.
The fiscal management of Physicians Insurance, rated A- (Excellent) by A.M. Best Company, has made it possible to deliver a dividend on top of keeping base rates flat, or reducing them for most insureds, for the past nine years. "In fact, it's the combination of responsible financial stewardship and our policyholders' great work in risk management that enables us to return this dividend," noted Physicians Insurance CEO Mary-Lou Misrahy. "Our physicians, clinics, and hospitals are constantly working to improve the practice of medicine and that is positively impacting patient health and safety, lowering claims frequencies, and decreasing losses."
Physicians Insurance Board Chair Brian Wicks, MD, commented, "For the past five years the dividend has equated to a 7% return on premium – a good financial return on investment. But the most important return on investment is our members who are able to provide quality care and help people become and stay well."
In addition to this dividend, Physicians Insurance policyholders also receive premium credits through initiatives such as ACCOLADES™, a reward program for physicians with good loss experience. ACCOLADES™ provides premium reductions ranging from 5 percent to 20 percent for qualifying physician members, saving them additional money.
About Physicians Insurance
Physicians Insurance A Mutual Company provides medical professional liability insurance coverage to more than 6,900 members in Washington, Idaho, Oregon, and Wyoming, in addition to risk-management consulting, continuing medical education, and claims administration services. The company, founded in 1981, has grown to be the largest insurer of physicians in Washington State and is rated A- (Excellent) by A.M. Best Company.i Physicians Insurance maintains corporate headquarters in Seattle, with regional offices in Spokane, Washington, and Portland, Oregon.
i A.M. Best's ratings are on a scale from A++ (superior) down to D (poor) with even lower ratings for companies under regulatory supervision or in liquidation.
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