Medical Protective lowers malpractice rates for Texas doctors
San Antonio Business Journal
One of the state's largest medical malpractice insurers will reduce rates by another 6 percent July 1.
Fort Wayne, Ind.-based Medical Protective Co. credits the state's favorable malpractice environment and the company's sale last year to Warren Buffett's Berkshire Hathaway Inc. (NYSE: BRK.A and BRK.B) as reasons for the cut.
This reduction comes on the heels of two other decreases in the past 12 months.
"Medical Protective made a commitment to Texas policyholders, legislators and regulators that we would closely monitor the impact of tort reforms passed in 2003," says Timothy Kenesey, president and CEO of Medical Protective.
"We are also pleased to confirm that last year's acquisition by Berkshire Hathaway has helped us attain the industry's highest financial rating, allowed us to expand our underwriting appetite to additional practice specialties that meet our underwriting criteria, and provided us with the capital to open the door for even more Texas health care providers who desire the strongest carrier," Kenesey adds.
Although claims losses in Texas seem to be moderating, Kenesey reminded Texas health care providers to remain cautious.
"While our data suggests that the severity and frequency of claims is declining, Texas doctors shouldn't lower their guard. Since the 2003 tort reform, thousands of claims against Texas health care providers have been reported, and multimillion-dollar verdicts are still possible," he says.
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