As newly reported here by Politico New York, one of New York’s major malpractice insurance carriers “continues to struggle financially, reporting significant losses through the end of the third quarter.” This news, along with disciplinary action from the Joint Commission on Public Ethics, has raised legitimate concerns.
Instability of a large provider creates some uncertainty for the entire market, of course, but we want to assure MLMIC policyholders that their coverage is not at risk. By adhering to responsible underwriting practices from our beginning, MLMIC continues to demonstrate sound financial condition and is able, once again, to offer a policyholder dividend (20% for those insured by May 1 and continuously insured through July 1).
We’ll keep monitoring the situation in the market on your behalf and will apprise you of further developments. In the meantime, if you have questions, please call 1 (888) 488-9253.