Constellation, a mutual holding company, has been formed by medical liability company, MMIC, to enable physician-owned medical liability companies to band together for common benefit. Constellation is based in Minneapolis, Minn.,
As part of Constellation’s network of companies, physician-governed insurers will be able to share resources and expertise, giving them the scale, efficiencies, capital and support to better compete against large stock companies. The network is designed to include both member companies — i.e., mutual owners — as well as contractual affiliates.
Member resources may include expanded options for policyholders, increased access to capital, reduced risk through shared reinsurance contracts, and access to data warehousing and predictive analytics.
Constellation was formed by MMIC when it converted its organization from a stock holding company to a mutual holding company structure. MMIC is a founding member company of Constellation.
Through MMIC, Constellation provides products to more than 17,000 physicians and 500 facilities, including hospitals, clinics and long-term care organizations, and holds more than $250 million in surplus.