American Physicians Assurance Corporation (APA), a subsidiary of East Lansing, Mich.-based American Physicians Capital Inc., has filed notice with the Florida Department of Insurance that it plans to cease writing medical professional liability insurance in the state.
APA President and Chief Executive Officer R. Kevin Clinton said, “We have determined that a continued presence in Florida does not fit with our stated strategy of increasing our professional liability presence in our core markets and becoming profitable in all territories. The state’s unpredictable and unfavorable legal climate has become an impediment to our ability to write business profitably in Florida. Therefore, we believe it is in our best interest to exit Florida, and to use our capital resources in more profitable markets. To help with the transition, we will work with our agents to help secure alternative coverage for our insureds.”
Once the Florida Department of Insurance’s notice requirement has been satisfied, the company intends to begin non-renewing policies at expiration, in accordance with applicable regulatory requirements. APA currently writes approximately 2,200 medical professional liability insurance policies in the state, which generated $26.7 million of direct written premiums in 2001.
This represents about 18 percent of the company’s total professional liability direct written premiums.
APA reported an underwriting loss of $18.8 million in Florida in 2001.
Topics Florida
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