CMIC Rates Remain Unchanged for Fifth Consecutive Year;
Member Premium Credits Increased
GLASTONBURY, CT – September 9, 2008 – CMIC, a leading doctor-owned medical malpractice insurer serving Connecticut and Massachusetts, announced today that the overall
rate indication for Connecticut is unchanged for the upcoming 2009 policy year.
The announcement follows a detailed rate review performed by the Company’s independent
consulting actuary, Towers Perrin.
CMIC will increase member credits to eligible policyholders who
have been insured with the Company for at least five consecutive years. Based upon
loss experience, credits will range from 12.5% to 32.5%. Since the program began
in 2003, CMIC has doubled its loss experience credits. For 2009, policyholders benefiting
from the credits will see a premium decrease. Rates for corporate coverage have
been reduced for 2009 to 10% from 15%.
“We are very pleased that the actuarial rate indication remains
unchanged,” said Denise Funk, CEO of CMIC. “Because of the continued stability,
CMIC is sharing the positive results with our members through larger credits.”
“2009 marks the fifth consecutive year that CMIC’s rates are unchanged,
keeping doctors’ premiums stable,” 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. “Financial stability,
innovative thinking, unmatched risk management and appropriately priced products
and services are what policyholders expect from CMIC as the area’s longest standing doctor-owned medical malpractice insurer,” said Funk. “As we approach our 25th year
of business, we will embark upon new programs and expand our current services to
assist our policyholders in providing best of class service to their patients while
effectively mitigating risk.”
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
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