Coverys, a Boston-based medical professional liability insurer, announced it has finalized an agreement to acquire ELM Exchange Inc. in Rockville, Maryland.
ELM provides customized online educational programs that are designed to help healthcare providers minimize clinical risk and maximize patient safety and satisfaction. Their programs currently service more than 95 client organizations representing approximately 1,000 hospitals, office practices and healthcare facilities throughout the country.
Coverys said the acquisition supports Coverys’ continuing effort to provide healthcare providers with services to increase patient safety, improve patient outcomes and decrease medical malpractice claims. In addition, Coverys said ELM will increase opportunities for Coverys to provide fee-based education and clinical risk management services to a variety of individuals and entities in the medical provider community.
Coverys CEO Gregg L. Hanson said the acquisition offers Coverys the ability to expand its current healthcare provider education and medical risk management programs by reaching a diverse market encompassing insured and self-insured hospitals, health systems and academic medical centers, as well as other insurance carriers.
Coverys is the eighth-largest medical professional liability insurance provider in the country based on direct written premium. Coverys companies insure more than 25,000 physicians, dentists, and allied healthcare providers, as well as more than 500 hospitals, health centers and clinics in 27 states. Coverys has net admitted assets of $3.4 billion and direct written premium of $363 million as of Dec. 31, 2013.