Winter 2011
Your West Virginia Mutual Insurance Company is a member of the Physician Insurers Association of America (PIAA), which is an association of physician-led professional medical liability companies similar to ours. Interestingly, the PIAA member companies insure more than 60% of U. S. physicians that purchase commercial malpractice insurance, hence representing the majority of the Medical Professional Liability Market. I can confidently state to you, our owners, that your Mutual has one of the most robust and innovative Risk Management departments in the country.
Our risk managers, Judy Davis-Thomas, Libby Bridgeman, Cheryl Payton, Michael Harmon and Debbie Henceroth extensively travel our state providing educational seminars, site visits, and staff support that is second to none. As Tony Caridi might say, we cover Weirton to Welch, Matewan to Martinsburg, and beyond (including parts of Virginia, Ohio, and Kentucky). Our very dedicated and talented professionals work tirelessly to provide these very helpful services to you.
Their efforts, in concert with our superlative underwriting performed by an experienced staff directed by Underwriting Vice President Scott Atkins and our previously hard-fought and hard-won medical liability civil justice reforms, have resulted in a much lower frequency of medical malpractice claims being filed in West Virginia. This success, in turn, has allowed your Mutual to significantly reduce premiums across all specialties over the seven years we have been in existence.
As a practicing Otolaryngologist, I remain quite sensitive to physician practice overhead issues in this era of declining reimbursements, so our company is very proud to be able to reduce your premium burden again. Indeed, we recently have been granted approval by the West Virginia Department of Insurance for a 5% rate reduction effective on January 1, 2012. This premium reduction will be applied at your next renewal. In addition, your physician-led Board is also continuing the 12% premium renewal credit that has been offered for the past two years and the risk management credits we all enjoy that can total up to an additional 10% savings for you. We are able to take these very positive steps because your Mutual has enjoyed excellent management and is among the financially strongest of PIAA companies.
Two key figures in these successes are retiring on January 1, 2012: Dave Rader, our President and CEO, and Judy Davis-Thomas, our senior risk manager. Fortunately, both will still be available to your Mutual for the foreseeable future, which is great for their successors, yours truly as President and CEO, and the aforementioned Ms. Henceroth of the Risk Management department. Please convey your gratitude and best wishes to these extremely talented individuals as they undertake the next stage of their lives, as both have been instrumental to the strength of your Mutual.
Your Mutual has enjoyed much success over these past seven years because of a strong Board of Directors led by physicians, excellent management and staff and especially the loyalty of you, our physician owners. We continue to stand strong as PHYSICIANS INSURING PHYSICIANS.
Sincerely,
R. Austin Wallace, M.D.