Company Profile
Coverys
Company Overview
Coverys is one of the top 10 medical professional liability insurance providers in the country based on direct written premium. Coverys member companies insure more than 25,000 physicians, surgeons, dentists, certified nurse midwives and allied healthcare providers, as well as more than 500 hospitals, health centers and clinics in 24 states from coast to coast. Coverys has net admitted assets of $3.3 billion, direct written premium of $368 million and policyholder surplus of $1.3 billion, as of December 31, 2012. In addition, Coverys insurance member companies Medical Professional Mutual Insurance Company ("ProMutual") and ProSelect Insurance Company ("ProSelect"), as well as ProMutual-sponsored Coverys RRG, Inc. ("Coverys RRG") have a Best’s Rating of A (Excellent). MHA Insurance Company ("MHAIC") and Washington Casualty Company ("WCC") have a Best’s Rating of A- (Excellent).
Coverys emphasizes physician education and patient safety, and the company is acknowledged as a leader in providing supportive risk management services and resolute claim defense to the healthcare community. Coverys also offers a variety of interactive and relevant continuing medical education (CME) activities to healthcare providers across the country.
Coverys offers competitive salaries, comprehensive benefits and a diverse workplace. Our differences make us an exceptional company and help distinguish us as unique and innovative in our practices. We stand out as an industry leader because of our commitment to our employees, our company and our insureds.
Company History
Past
Medical Professional Mutual Insurance Company was originally organized as a Joint Underwriting Association (JUA) in 1975 by an act of the Massachusetts Legislature in order to guarantee the continued availability of medical malpractice professional insurance within Massachusetts. All insurance companies authorized to write personal liability insurance in Massachusetts were required to be members of the JUA.
In 1992, the Legislature removed insurance industry responsibility for JUA liability, and our name was changed to the Medical Professional Insurance Association (MMPIA).
Effective January 11, 1995, the MMPIA was converted to a mutual insurance company to be known as the Medical Professional Mutual Insurance Company (ProMutual). ProMutual is the parent company of the other Coverys companies.
In 2009, ProMutual acquired FinCor Holdings, Inc. (“FinCor”) and its subsidiaries, which is a leading provider of medical professional liability insurance and risk management services in the Midwest and Pacific Northwest.
In 2011, our combined organization came together under the new name Coverys. Operating in 22 states, we are the eighth largest medical professional liability insurance provider in the country based on direct written premium.*
* U.S. Medical Malpractice, 2010 DWP, SNL Kagan
Notable Accomplishments / Recognition
Mission:
Coverys provides medical professional liability insurance protection to physicians, hospitals, dentists and other healthcare providers and is committed to financial stability, integrity and a reputation for excellence. We are dedicated to protecting the livelihood of our policyholders.
Vision:
To protect the healthcare community by being a leading provider of medical professional liability insurance services in the country.
Other:
AM Best’s Rating of A (Excellent)
Net admitted assets $3.3 billion*
Direct written premium $367.9 million*
*Statutory basis; year-end 2012
Benefits
Coverys strives to provide quality benefits that meet the varying needs of a diverse and evolving work force. This is accomplished through regular and periodic evaluations and analysis of our offerings for their competitiveness and innovation. We provide life’s important benefits and insurance protections to give our employees and their family’s peace of mind.
Some of our benefits include:
Health Insurance
Dental Insurance
Vision Insurance
Life Insurance and AD&D
Short-term Disability Program
Long-term Disability Insurance
Long Term Care Insurance
401(k) with Employer Match
Fully Funded Pension Plan
Paid Time Off
Paid Holidays
Medical and Dependent Care Reimbursement Plans
Tuition Reimbursement Program
Adoption Assistance
Charitable Contributions
Employee Reward & Recognition Program
Employee Assistance Program
Health and Wellness Program