Frost Brown Todd LLC Insurance Industry Group and the Kentucky Hospital Association announced the formation of the Kentucky Hospital Insurance Company (KHIC). The captive insurer/risk retention group will offer medical malpractice and general liability coverage in Kentucky.
Representatives for the Kentucky Hospital Association and Frost Brown Todd LLC stated that KHIC’s formation was in reaction to a holding of the State Corporation Commission of the Commonwealth of Virginia earlier this year that any further transaction of business by Reciprocal of America (ROA)—a Virginia-domiciled reciprocal insurer through which a large number of Kentucky hospitals were insured—a would be hazardous to its policyholders, creditors, and the general public.
According to Greg Mitchell, a partner with Frost Brown Todd, “We wanted to provide Kentucky hospitals with a cost-effective and efficient general liability and medical malpractice coverage.” Although KHIC currently covers only Kentucky hospitals, Brian Brezosky with the Kentucky Hospital Association stated, “We hope to expand the program to surrounding states in the near future.”
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