St. Louis-based Missouri Physicians Mutual (MPM) maintained its position as the state’s top malpractice insurer in 2005 while more than doubling its reserves for future claims and increasing its premiums written by 12.5 percent, according to a press release issued by the company.
The number of MPM member-owners grew by 17.4 percent to nearly 2,500 physicians in 2005, up from 2,112 at the end of 2004. MPM wrote $42,450,735 in premiums, up 12.5 percent from $37,717,350 in 2004. Its net reserves for unpaid losses rose to $28,041,250 from $13,891,753 a year earlier.
MPM became the fastest growing and largest medical malpractice insurer in Missouri in 2004 and retained the top-ranking position in 2005, according to the company statement. The not-for-profit firm, owned by the Missouri physicians it insures, was founded in early 2003 under Chapter 383 of the Missouri statutes. MPM has held premium rates steady for three consecutive years and plans no rate increase in 2006.
“Missouri physicians have benefited greatly from the competition initiated by MPM and its rapid capture of Missouri’s dominant market share,” said Timothy H. Trout, managing director. “MPM’s growth has placed competitive price and efficiency pressures on the publicly-owned, for profit stock companies, Missouri’s two other 383 companies and the state’s new risk retention groups.”
Missouri Physicians Mutual’s 2005 Annual Report is available online at www.mpmins.com.
Source: Missouri Physicians Mutual
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