CMIC Massachusetts Rates Decrease for Second Consecutive Year
GLASTONBURY, CT – September 25, 2008 – CMIC, a leading doctor-owned medical malpractice insurer serving Connecticut and Massachusetts, today announced a 2.7% overall rate reduction in its claims made rates for Massachusetts doctors effective October 1, 2008. Medical practices utilizing a CCHIT certified EHR may be eligible for an additional 5% credit. The announcement follows a detailed rate review performed by the Company’s independent consulting actuary, Towers Perrin. “We are very pleased that the actuarial rate shows a slight downward trend,” said Denise Funk, CEO of CMIC. “Because of the continued stabilization in the market some medical specialties will see rate decreases totaling up to 12%. This is a very important benchmark as we commence our fifth year insuring Massachusetts doctors.” “2009 marks the second consecutive year that CMIC’s rates have decreased for Massachusetts doctors,” said Dr. Sultan Ahamed, CMIC Chairman and President. “Establishing and maintaining appropriate premiums in conjunction with our commitment to firm underwriting standards and prudent financial management continue to strengthen the Company. We are pleased to pass the Company’s success on to our policyholder owners.” CMIC will continue to focus on identifying the critical needs of doctors and healthcare professionals and provide creative solutions to meet those needs while providing appropriately priced products and services. “Our goal is to provide Massachusetts doctors with an alternative to their current insurance carrier at reduced rates while providing financial stability, innovative thinking, and unmatched risk management,” said Michael Morgan, CMIC’s Director of Business Development. “We achieved this goal in 2008 and strive to meet and exceed Massachusetts doctors’ expectations in 2009.” About CMIC
CMIC, established as a mutual company in 1984, is a leading doctor-owned provider of professional liability insurance and services to doctors and healthcare professionals in Connecticut and Massachusetts. CMIC is rated A- (Excellent) by A.M. Best and is headquartered in Glastonbury, CT. For more information visit CMIC’s website at www.cmic.biz.
Media Contact: Wendy Barclay
Communications Specialist
80 Glastonbury Boulevard
PO Box 71
Glastonbury, CT 06033
T: 860.633.7788 ext. 288
F: 860.633.8237
E-mail: wsb@cmic.biz
Receive news by e-mail Return to press room |