2007 press releases
September 5, 2007
Contact: Dana Leidig
Vice President, Communications and Advertising
512-425-5934 dana-leidig@tmlt.org
TMLT announces rate reductions and dividend for 2008
AUSTIN, TEXAS... The Governing Board of Texas Medical Liability Trust (TMLT) has approved an unprecedented third straight rate reduction/dividend for TMLT policyholders. The Board has approved a 6.5% rate reduction for all medical specialties and classes effective January 1, 2008. In addition, all current TMLT policyholders renewing their policies in 2008 will receive a dividend equal to 22% of their expiring premium. The total dividend declared is approximately $35 million. The dividend will be applied at policy renewal.
TMLT has reduced rates five consecutive years since the passage of House Bill 4 and Proposition 12 in 2003: 12% in 2004; 5% in 2005; 5% in 2006; 7.5% in 2007; and 6.5% in 2008. The net effect of these cumulative rate reductions amounts to a 31% reduction from 2003 rates and approximately $200 million of premium savings.
The dividend for 2008 represents the third consecutive year TMLT has declared a policyholder dividend. By the end of 2008, renewing TMLT policyholders will have received dividends amounting to approximately $75 million. Since the passage of Prop 12 and medical liability reform of 2003, TMLT policyholders will have realized cumulative savings of approximately $275 million from rate reductions and dividends.
Effective tort reform has reduced claims intake and associated legal expenses. Improved Trust earnings have strengthened TMLT's financial position making these rate reductions and dividends possible. There is no guarantee that an ever changing business climate will ensure future rate reductions or dividends; however, TMLT continues to work diligently to protect 2003 tort reforms in an effort to keep premiums as low as possible. Rate changes and dividend considerations are determined annually by the TMLT Governing Board, executive management, and financial consultants to the Trust.
Contact:
Laura Brockway 512-425-5936 laura-brockway@tmlt.org
Manager Communications & Advertising
Dana Leidig 512-425-5934 dana-leidig@tmlt.org
Vice President Communications & Advertising
TMLT awards seven scholarships
Austin, TX — Texas Medical Liability Trust (TMLT) is proud to announce the winners of the 2007 TMLT Memorial Scholarships.
- John Chiara is a fourth-year medical student at Texas Tech University Health Science Center School of Medicine. (Mr. Chiara also won the scholarship from Texas Tech in 2006.)
- Paul Chin is a fourth-year medical student at the University of Texas Southwestern Medical School.
- Julie Cummings is a fourth-year medical student at the University of Texas Medical Branch at Galveston.
- Stanford T. Israelsen is a fourth-year medical student at Baylor College of Medicine.
- Jason R. Pearce is a fourth-year medical student at University of Texas Medical School at Houston.
- Eric South is a third-year medical student at the University of North Texas Health Science Center's Texas College of Osteopathic Medicine.
- John Wilkinson is a fourth-year medical student at Texas A&M University System Health Science Center College of Medicine.
The $5,000 scholarships were awarded to one student at each Texas medical school that participated in the competition. Scholarship recipients were chosen based on each student's financial need and written essay. Winning essays will be published on the TMLT web site (www.tmlt.org) and in TMLT's newsletter, the Reporter.
The TMLT Memorial Scholarships recognize Texas medical students who are interested in finding creative ways to enhance patient safety and who can communicate their ideas in a short essay.
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 14,000 physicians in all specialties practicing in all areas of the state.
Contact:
Laura Brockway 512-425-5936 laura-brockway@tmlt.org
Manager Communications & Advertising
Dana Leidig 512-425-5934 dana-leidig@tmlt.org
Vice President Communications & Advertising
TMLT named one of the Best Places to Work in Central Texas
Austin, TX — On Thursday, June 21, 2007, Texas Medical Liability Trust (TMLT) won the Austin Business Journal's Best Places to Work award. Gail Nichols, Vice President of Human Resources, accepted the honor on behalf of TMLT. Each year the Austin Business Journal presents the Best Places to Work awards to the most employee-friendly companies in Central Texas.
TMLT won the honor because of its positive work environment, high employee retention, and overall employee satisfaction. More than 150 Central Texas businesses competed for the awards, which were given based on anonymous feedback from employees. TMLT came in 14th place for medium-sized companies.
"We were proud to be named a Best Place to Work," said Bob Fields, CEO of TMLT. "We recognize that our most valuable resource is our employees, so we work to provide them with a fun, positive environment."
The Austin Business Journal awarded the Best Places to Work designations to 50 Central Texas businesses. The publication recognized 10 large-sized, 20 medium-sized, and 20 small-sized companies. The medium-sized businesses, TMLT's category, consisted of companies employing 50 to 250 people.
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 14,000 physicians in all specialties practicing in all areas of the state.
Contact:
Dana Leidig 512-425-5934 dana-leidig@tmlt.org
Vice President Communications & Advertising
TMLT names new president and CEO
Austin, Texas — The Governing Board of Texas Medical Liability Trust (TMLT) has announced their selection of Bob R. Fields as the new president and chief executive officer of the Trust. Mr. Fields has served as acting president and CEO since August 2006. Prior to that, he was executive vice president of claim operations at TMLT.
"I am honored to serve our policyholders in this capacity," said Fields. "TMLT is a physician-owned organization with a long history of leading the medical liability industry in our state. I plan to continue this legacy of providing innovative products and services, strong defense, and advocacy. With over 30 competing carriers, we have some challenges ahead. I am confident the TMLT Governing Board, management team, and excellent staff can meet those challenges successfully."
Mr. Fields has more than 34 years experience in the insurance industry. After working for The Hartford for nearly 13 years, he came to TMLT as a territorial supervisor in 1986. Mr. Fields was named director of the claim department in 1988, and later promoted to executive vice president in 1994. He has an enviable track record in the area of medical malpractice claim management. He is a past member of the PIAA claim section committee and has served as chairman of the state's Joint Underwriting Association claim review committee.
He is a past member of the TMA/TTLA medical malpractice legislative negotiating team, a current member of the Texas Alliance for Patient Access legislative committee, and was a frequent public speaker concerning the need for medical liability reform prior to the passage of House Bill 4 and Proposition 12.
Mr. Fields received a bachelor's degree in business education from Southeast Missouri State University and an MBA, with honors, in 1980. He also served in the U.S. Naval Reserve for more than 23 years before retiring as Captain.
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 14,000 physicians in all specialties practicing in all areas of the state.
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