Cooperative of American Physicians, MagMutual Form New Relationship
September 29, 2020
Expands Medical Professional Liability Coverage Options to Large Medical Groups and Healthcare Facilities
LOS ANGELES, September 23, 2020 – The Cooperative of American Physicians, Inc. (CAP) announced today it has entered into a new relationship with Professional Security Insurance Company, a member of the well-known nationwide MagMutual Group and an A.M. Best “A” (Excellent) rated insurance company, to offer superior medical professional liability coverage to large medical groups and healthcare facilities through the CAPAssurance Risk Purchasing Group.
As the medical malpractice insurance industry experiences a hardening market and an increase in rates, CAP recognizes that healthcare providers need nimble solutions and strategic partners to help combat current financial challenges and risks emerging from an evolving healthcare landscape.
“Changes continue to shape an increasingly turbulent medical malpractice coverage market. CAP and its physician leaders remain steadfast in our ability to provide reliable coverage options for our valued CAPAssurance clients. We are excited to work with a company that shares CAP’s commitment to protect and bolster the success of medical practices and healthcare facilities through innovative and financially secure risk transfer financing, along with proactive risk management and practice management support programs,” said CAP CEO Sarah E. Scher, JD.
CAPAssurance brings the same client-centric approach to professional liability coverage that has made CAP an industry leader since 1977 through the Mutual Protection Trust (MPT). Backed by the MagMutual Group’s similar service philosophy, CAPAssurance will continue to offer hands-on expertise, resources, and support to meet the needs of its current and new clients.
“Like CAP, MagMutual is focused on developing smarter solutions and bold innovations to help physicians and healthcare facilities better understand their risk, improve their outcomes, and achieve superior protection and success,” said MagMutual Insurance Company President & CEO Neil Morrell.
CAP’s new relationship with the MagMutual Group signals an end to its previous relationship with ProAssurance Casualty Company, which had helped to promote and grow the CAPAssurance program among medical groups, hospitals, and medical facilities since 2013.
“The CAPAssurance program has been a success thanks to the tireless efforts of our team here at CAP and the support and service provided through our relationship with ProAssurance. We are grateful for our relationship with ProAssurance and for the growth CAP has experienced as a result of our mutual efforts on behalf of the CAPAssurance program,” Ms. Scher added. About the Cooperative of American Physicians, Inc.
About the Cooperative of American Physicians, Inc.
The Cooperative of American Physicians, Inc. (CAP), established in 1975, offers superior medical professional liability coverage through the Mutual Protection Trust (MPT). MPT has earned an A+ (Superior) rating from A.M. Best since 2006. In 2013, CAP created the CAPAssurance, a Risk Purchasing Group, allowing hospitals, facilities, and large physician groups access to top-rated liability coverage and risk management services. CAP now supports more than 12,000 of California’s finest physicians through offices in Los Angeles, San Diego, Orange County, and Walnut Creek. CAP is licensed as a California surplus lines broker (License No. 0B72723). The insurance products provided under the CAPAssurance program are issued by a “non-admitted” or “surplus line” insurer that is not licensed by the State of California. For more information, visit www.CAPphysicians.com.
For nearly four decades, MagMutual has been a leading provider of medical professional liability insurance. Today, we deliver comprehensive coverage for the practice, business and regulation of medicine to over 30,000 physicians and healthcare organizations nationwide. Our focus on innovation enables us to provide exceptional service, extensive support and financial benefits that result in improved outcomes and stronger PolicyOwners™. For more information, visit MagMutual.com.
Professional Security Insurance Company, a wholly owned subsidiary of MagMutual, offers a level of service, personalization, and customization not available through other healthcare liability insurance companies. Professional Security Insurance Company's solutions help you to optimize your internal resources and deliver high-quality, low-cost care in an increasingly competitive healthcare landscape. Professional Security Insurance Company is not an admitted insurer in the state of California. Its products are offered on a non-admitted basis.