Newsroom - Press Releases — TMLT: Medical Liability Coverage for Texas Physicians

FOR IMMEDIATE RELEASE
January 3, 2012

Contact:
William Malamon, Communications & Advertising
william-malamon@tmlt.org 512-425-5898

TMLT to acquire Florida-based Physicians Insurance Company

Austin, TX — Texas Medical Liability Trust (TMLT) proudly announces that, effective December 27, 2011, it has entered into definitive agreements to acquire Physicians Insurance Company (PIC), a Florida-based medical malpractice insurance company. TMLT also entered into agreements to purchase several related entities, including Managed Insurance Services (MIS), National Institute of Quality Assurance (NIQA), Insurance Software Design (ISD) and Insurance Innovations (Innovations). These affiliated companies own and/or control various insurance-related businesses and e-commerce platforms including OnLine-PL and E-Professional Insurance.

While the parties executed a formal purchase agreement effective December 27, 2011, it is anticipated that the PIC acquisition will officially close in early 2012, pending requisite approvals from applicable state insurance regulatory bodies. TMLT closed the purchase of the holding company, which owns MIS, NIQA, ISD and Innovations, effective as of the end of 2011.

"PIC has an entrepreneurial spirit and we will be proud to bring them into the TMLT family," said TMLT President and Chief Executive Officer Charles R. Ott, Jr. "Our acquisition of PIC will diversify our product base, enable us to expand to new markets, and bring a more technology-based approach to the way we do business."

"We are excited for this new chapter of the PIC story. Our partnership with TMLT will allow us to significantly increase our capital base and security to our physician clients. It will also provide a platform to expand our cutting edge technology and underwriting process to a broader market," commented Dan O'Neal, President of PIC.

Background
TMLT is the largest medical liability insurance provider in Texas, serving more than 15,000 Texas Medical Association (TMA) member physicians. Rated A (Excellent) by A.M. Best Company, TMLT was created and is endorsed by TMA and owned by its physician policyholders. TMLT is headquartered in Austin.

PIC is a leading technology and insurance service firm based in Deerfield Beach, Florida. PIC has provided medical professional liability insurance to Florida physicians since 2003. In addition to its core physician business, PIC, through its subsidiaries, provides diversified insurance products and service to the medical and non-medical professional liability marketplace in all 50 states.

www.picinsurance.com
www.managedinsurance.com
www.eprofessionalinsurance.com

FOR IMMEDIATE RELEASE
January 2, 2012

Contact:
William Malamon, Communications & Advertising
william-malamon@tmlt.org 512-425-5898

New TMLT program "rewards" loyal policyholders with future dollars

Austin, TX — The Governing Board of Texas Medical Liability Trust (TMLT) proudly announces the launch of the TMLT Trust Rewards Program on January 1, 2012. A Trust Rewards Account, based on earned premium, will be funded for each policyholder enrolled in the program. The funds that TMLT sets aside will be available to the policyholder upon retirement or other qualifying events. The Board has dedicated $100 million, making the scope of the program unprecedented in the history of the Trust.

TMLT, which is owned by its physician policyholders, has a history of showing member appreciation through rate reductions, dividends, and surplus returns whenever it has been financially prudent. Now the Trust Rewards Program recognizes and rewards loyal policyholders by funding a financial benefit.

Physicians who become policyholders in 2012 and who sign up for the program will receive a sign-on bonus to be credited to their account. Participating physicians will receive quarterly statements documenting the growth of their Rewards account.

To participate in this program, eligible physician policyholders must sign up. They will receive enrollment materials in the mail this week. Online enrollment for this program is available here.

Physicians interested in applying for TMLT coverage or who would like more information can call TMLT's sales department at 800-580-8658.

TMLT President and Chief Executive Officer Quote
"I am excited that TMLT can offer the Trust Rewards Program. The dedication of $100 million to the program demonstrates our Board's commitment to reward loyal policyholders," says President and Chief Executive Officer Charles R. Ott, Jr.

Background
TMLT is the state's largest medical liability insurance provider, serving more than 15,000 Texas Medical Association (TMA) member physicians. The Trust was created and is endorsed by TMA and owned by its physician policyholders. TMLT is headquartered in Austin, Texas.

TMLT awards four $10,000 scholarships to Texas Medical Students

Austin, TX — Texas Medical Liability Trust (TMLT) is proud to announce the recipients of the 2011 TMLT Memorial Scholarships.

Duane Akwar is a fourth-year medical student at University of Texas Medical Branch at Galveston
Elizabeth Rossmann Beel is a second-year medical student at Baylor College of Medicine
Clay Buchanan is a second-year medical student at Texas Tech University Health Sciences Center School of Medicine
Charles Willnauer is a second-year medical student at Texas Tech University Health Sciences Center School of Medicine.

Launched in 2005, the program awards $40,000 in scholarships annually to Texas medical students who are interested in finding creative ways to enhance patient safety. Scholarship recipients are chosen based on each student's financial need and written essay.

For the essay portion, applicants for the 2011 scholarship were asked to write risk management considerations for a closed claim study provided by TMLT. Read the case study and the winning essays.

The TMLT Board of Governors evaluated the applications and chose the recipients. Winning essays are published on the TMLT web site and in TMLT's newsletter, the Reporter.

About TMLT

Texas Medical Liability Trust is a physician-owned, health care liability claim trust offering medical liability insurance products to Texas physicians. Created in 1979 by Texas Medical Association, TMLT currently protects more than 15,000 physicians in all specialties practicing in all areas of the state

FOR IMMEDIATE RELEASE
September 8, 2011

CONTACT:
Dana Leidig, Vice President, Communications & Advertising
dana-leidig@tmlt.org, (512) 425-5934

A.M. BEST ASSIGNS "A" (Excellent) RATING FOR TMLT AND TMIC

Austin, TX — A.M. Best has assigned the financial strength rating (FSR) of "A" (excellent) and the issuer credit rating (ICR) of "a" for Texas Medical Liability Trust (TMLT). Concurrently, A.M. Best assigned these same ratings to TMLT's wholly owned subsidiary, Texas Medical Insurance Company (TMIC).

According to A.M. Best's September 7 press release, "The ratings of TMLT reflect its excellent risk-adjusted capital position, favorable operating performance, experienced management team and its leading market position in Texas. TMLT also benefits from its strong relationship with the Texas Medical Association (TMA), which has exclusively endorsed TMLT since 1992."

Physicians interested in applying for TMLT coverage or who would like more information can call TMLT's sales department at 800-580-8658.

TMLT president and chief executive officer quote

"Achieving an A rating from A.M. Best further solidifies TMLT's position as the dominant medical professional liability carrier for physicians in Texas. The rating speaks directly to our strong financials and deep Texas roots. Though the structure of medical practices may change, TMLT will continue to evolve while remaining fully committed to the Texas market," says TMLT President and Chief Executive Officer Charles R. (Chip) Ott, Jr.

TMLT chief financial officer quote

"We are very pleased with our ratings from A.M. Best. The ratings reflect our commitment to maintaining financially strong and stable companies for the benefit of our policyholders. Through consistently favorable operating performances, we have built strong capital positions which enable us to provide very competitive insurance coverages coupled with superior policyholder services," states Vince Kasch, TMLT CFO.

Background

TMLT is the state's largest medical liability insurance provider, serving more than 15,000 Texas Medical Association (TMA) member physicians. The Trust was created and is endorsed by TMA and owned by its physician policyholders. TMLT is headquartered in Austin, Texas. For more information, visit www.tmlt.org
TMIC was organized in 1995 as a wholly owned subsidiary of Texas Medical Liability Trust to provide an expanded menu of insurance products and services for Texas physicians. Licensed and regulated by the Texas Department of Insurance (TDI), TMIC offers Professional Medical Liability Insurance for allied health care professionals, DOs, and dentists. For more information, visit www.tmic.biz
A.M. Best Company is the world's oldest and most authoritative insurance rating and information source, founded in 1899. For more information, visit www.ambest.com

FOR IMMEDIATE RELEASE
August 24, 2011

CONTACT:
Dana Leidig, Vice President, Communications & Advertising
dana-leidig@tmlt.org, (512) 425-5934

TMLT POLICYHOLDERS TO SAVE NEARLY $35.8 MILLION IN PREMIUM

The Board of Governors of Texas Medical Liability Trust (TMLT) has approved a rate reduction for TMLT policyholders and an 18.5% dividend for renewing policyholders, effective January 1, 2012. The average rate decrease will be 6.9%, but will vary by specialty and the geographic location of medical practice. The combined rate reduction and dividend will save TMLT policyholders nearly $35.8 million in 2012 premium.

Physicians save

TMLT has reduced rates for Texas physicians for nine consecutive years since the passage of medical liability reform by the Texas legislature and Governor Rick Perry in 2003. The 2012 rate reduction saves TMLT policyholders about $10.4 million.
This is the seventh time TMLT has declared a policyholder dividend. This will amount to approximately $25.4 million in 2012 premium savings for TMLT physicians.
Since the passage of medical liability reform, TMLT insured physicians will have saved $745.5 million in decreased premiums, once this latest round of rate cuts and dividends is implemented.
In 2011, TMLT policyholders saw their premiums reduced 54.4% from 2003 rates. In 2012, this percentage is projected to increase to 56.7%.

Physicians interested in applying for TMLT coverage or who would like more information about how this rate decrease and dividend will benefit them can call the sales department at 800-580-8658. Current policyholders will receive detailed information from TMLT before their policy renews or they may direct questions to their underwriter.

TMLT president and chief executive officer quote

"Physicians work within an environment of decreasing reimbursements and increasing operating costs. We are hopeful that these reductions and dividends will help physicians as they help patients," says TMLT President and Chief Executive Officer Charles R. (Chip) Ott, Jr.

Background

TMLT is the state's largest medical liability insurance provider, serving more than 15,000 Texas Medical Association (TMA) member physicians. The Trust was created and is endorsed by TMA and owned by its physician policyholders. TMLT is headquartered in Austin, Texas.

TMLT Names Charles R. Ott, Jr. as New President and CEO

FOR IMMEDIATE RELEASE
May 24, 2011

Contact:
Dana Leidig
Vice President, Communications & Advertising
dana-leidig@tmlt.org
(512) 425-5934

Austin, TX — Texas Medical Liability Trust (TMLT) is pleased to announce that Charles R. (Chip) Ott, Jr. will be assuming leadership of TMLT as president and chief executive officer in late July. Current president and CEO Bob R. Fields is retiring after 25 years with the Trust.

TMLT Chairman, Robert I. Parks, Jr., MD stated, "TMLT is very fortunate to have secured Mr. Chip Ott for its next CEO. Mr. Ott's knowledge of the medmal industry and reputation should serve our company well. We are extremely happy to welcome him into our family."

Texas Medical Liability Trust is a physician-owned, health care liability claim trust offering medical professional liability insurance products and risk management education services to Texas physicians. Created in 1979 by Texas Medical Association, TMLT currently protects more than 15,000 physicians in all specialties practicing in all areas of Texas. Headquartered in Austin, Texas, the not-for-profit Trust employs a staff of 164 and protects more Texas physicians than any other medical professional liability insurance provider in the state.

Background

Most recently, Mr. Ott served as executive vice president at the Minneapolis, Minnesota office of Guy Carpenter and Company, LLC, a global reinsurance broker. His responsibilities included developing and executing comprehensive strategic plans for high-profile clients and prospects as well as both retention and new business generation.

Prior to joining Guy Carpenter via the acquisition of Collins Associates, Mr. Ott served as co-head of the sales and service functions for Collins. He was a member of the executive management team, the board of directors and the Collins UK board of directors. Mr. Ott earned his B.A. in 1989 at Concordia College, Moorhead, Minnesota and achieved his Associate of Reinsurance (ARe) designation in 1995.

TMLT commits $40,000 in scholarships to Texas medical students

FOR IMMEDIATE RELEASE
February 15, 2011

Contact:
William Malamon
communications and advertising supervisor
512-425-5898

Austin, TX — Four students at Texas medical schools will earn a $10,000 scholarship from the TMLT Memorial Scholarship program. Annually, the program awards $40,000 in scholarships to Texas medical students who are interested in finding creative and effective ways to enhance patient safety. The scholarship has awarded $230,000 to 38 students since it was started in 2005.

Scholarship recipients will be chosen in a competition that weighs students' financial need along with their ability to evaluate the patient safety concerns in a closed claim study and communicate their recommendations in an essay. The TMLT Board of Governors, which is composed of nine Texas physicians, will judge the entries.

Deadline to apply for the scholarship is June 3, 2011. Winners will be announced in August 2011.

To be eligible for the scholarship, applicants must:

be entering their second, third, or fourth year of study at a Texas medical school in the fall of 2011;
be in good academic standing;
be able to demonstrate financial need;
be able to communicate a commitment to patient safety and medical risk management through an essay; and
be a current student member of (or have a student application pending with) the Texas Medical Association.

To apply, students should submit the following:

a completed application (incomplete applications will not be considered);
an official medical school transcript; and
a short essay (no more than 500 words) describing the risk management considerations for a closed claim study provided with the application.

Background

DocBookMD : a FREE iPhone Communication Tool to Enhance Texas Physicians' Efficiency

January 24, 2011
FOR IMMEDIATE RELEASE

Contacts:
William Malamon
Communication & Advertising Supervisor
Texas Medical Liability Trust
512-425-5898

Tim Gueramy, MD
CEO
DocBookMD
512-699-4020

The News

Austin, TX — Finally, an iPhone app that allows Texas doctors to access their county physician directory and gives them the ability to send secure, HIPAA-compliant medical consults. DocBookMD is designed by physicians for physicians to effectively connect, communicate, and collaborate. DocBookMD is free for county medical society members, thanks to a partnership with TMLT.

DocBookMD is an exclusive professional network for physicians. With the release of DocBookMD 3.0, physicians can securely send on-demand and multimedia messages, specifically high definition images of x-rays, EKGs, or wounds. The app allows a doctor to set message priority settings for a 5-minute, 15-minute, or normal response time to consults and request a confirmation of delivery. DocBookMD provides a fast look-up of physicians in participating county medical societies plus a listing of local pharmacies, which can be searched by name and ZIP code.

View a video that explains more about what DocBookMD does.

Currently, DocBookMD is only available to physicians who are members of participating county medical societies: Bexar, Dallas, Denton, Lubbock, Nueces, Tarrant, and Travis. Contact your county medical society to join if you are not yet a member. If your county medical society is not listed, contact DocBookMD.

Texas Medical Liability Trust (TMLT) is the exclusive sponsor of DocBookMD in Texas. Texas physicians in participating counties can use the app for free (ordinarily a $50 annual subscription cost). TMLT believes DocBookMD will support physician communication, helping doctors practice safer medicine.

Quotes

From the CEO, DocBookMD, Tim Gueramy, MD. "We are extremely pleased with TMLT's sponsorship of DocBookMD 3.0. We at DocBookMD aim to change the way physicians communicate. DocBookMD provides doctors with a mobile, secure HIPAA-compliant platform to instantly send patient information and images to one another, enabling them to concentrate on their patients. TMLT's sponsorship makes this revolutionary communication tool available at no cost to physicians, thereby improving doctor efficiency and enhancing overall patient care."

From the chairman, TMLT Board of Governors, Robert I. Parks, Jr., MD, anesthesiologist, Dallas, Texas. "I have found DocBookMD to be very valuable as a way to contact other physicians. With the new HIPAA-compliant messaging, I can quickly send patient data to a physician or request a consult. DocBookMD also allows you to keep your favorite physicians in a separate list on your phone for rapid retrieval. With TMLT providing free access to DocBookMD, it is a no-brainer to get on board with this fantastic new information delivery tool."

From the vice chairman, TMLT Board of Governors, Stuart D. McDonald, MD, pulmonary and critical care medicine specialist, Fort Worth, Texas. "I use DocBookMD daily to look up and contact physicians in my hospital and am particularly excited about the ability to contact physicians through a secure network to request consults or provide follow up information. This saves a significant amount of time that would previously be spent on hold or waiting for a return call. The ability to know whether or not my message has been read in a timely manner helps prevent delays in patient care. I encourage my colleagues to register for DocBookMD. It is available for free thanks to TMLT!"

About DocBookMD

DocBookMD's mission is to support the healthcare community by enhancing communications using current technologies in order to improve the health of all members of the community. DocBookMD, an Austin, Texas-based company, is currently offering Smartphone technologies designed by physicians to help practicing physicians connect, communicate, collaborate and thereby become more efficient. More information about DocBookMD.

About TMLT

TMLT is the state's largest medical liability insurance provider, serving more than 15,000 Texas Medical Association (TMA) member physicians. TMLT is a health care liability claim trust created and endorsed by TMA and owned by its physician policyholders. The Trust is headquartered in Austin, Texas.