Physicians Healthcare Management Group, Inc.’s exclusive affiliate, Physhield Insurance Exchange, a Risk Retention Group, has received approval from the state of Maryland Insurance Administration to underwrite medical malpractice insurance in the state. The insurance will be sold through the sales force and Internet site of Maryland-based Palumbo Insurance Associates, a full service commercial insurance agency specializing in medical malpractice and other insurance products geared toward physicians. Physhield is now authorized to operate as a liability insurer in Maryland, Florida, Texas and Nevada.
Physhield is structured as a reciprocal insurer and is owned by its physician subscribers. Phyhealth’s subsidiary, Phyhealth Underwriters, Inc., serves as the Attorney-in-fact for Physhield and is contracted to perform Physhield’s insurance management, underwriting, claims and administration functions. Physhield will underwrite medical malpractice insurance for physicians of all specialties; subject to their meeting Physhield’s underwriting requirements.
Phyhealth’s CEO, Robert Trinka, stated, “Physhield has been positioned as a separate business entity that is a critical component of Phyhealth’s overall strategy of partnering with physicians to develop community health plans. Physhield is designed to help physicians stabilize the cost of their medical malpractice insurance and the Maryland product leads Physhield’s initiative to expand its programs to cover all qualified physicians who are interested in getting more value for their medical malpractice premium dollar. In conjunction with qualifying tax structures, Physhield will enable physicians to reduce insurance costs, thereby making more practice dollars available to devote to actual patient care.”
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