The Doctors Company Announces Rate Decrease in Texas
Posted on: Friday, 25 February 2005, 12:00 CST
NAPA, Calif., Feb. 25 /PRNewswire/ -- The Doctors Company, the leading physician-owned medical malpractice carrier in the United States, will file with the Texas Department of Insurance to decrease its average rate level. Ninety percent of the company's current Texas insureds will receive rate reductions. Although some reductions will range up to 30 percent, the average decrease for insureds at $200,000/$600,000 limits of liability is 14 percent. The Doctors Company plans to make this rate reduction effective for new applicants on April 1, 2005 and for renewing policyholders on June 1, 2005.
In 2004, The Doctors Company commended the efforts of the legislature and the citizens of Texas for taking dramatic steps to place a cap on non-economic damages along with other reforms in an effort to end the medical malpractice crisis in the state.
Richard E. Anderson, M.D., F.A.C.P., chairman and CEO of The Doctors Company, attributes the rate decrease to Texas House Bill 4 and Proposition 12, which reformed medical malpractice liability in Texas and placed caps on non-economic damages.
"When the 2003 reforms passed, we were confident that the legislation would dramatically improve the Texas medical malpractice marketplace, benefiting physicians as well as providing additional protection for those injured by medical negligence. As a result, we withdrew a proposed rate increase and held rates flat," Dr. Anderson said. "And as promised, we have assessed the reformed Texas market and are extremely pleased to announce a significant reduction in our Texas rates. We congratulate Texans on their resolve to keep their doctors practicing, and we are optimistic that these reforms will exert a beneficial effect on Texas rates for years to come."
About The Doctors Company
Founded by doctors for doctors in 1976 to protect the practice of medicine, The Doctors Company ( http://www.thedoctors.com/ ) is the nation's leading physician-owned medical malpractice insurance provider. With solid financial strength and a unique understanding of the medical malpractice risk environment, The Doctors Company enjoys a reputation as the industry vanguard.
The Doctors Company
CONTACT: Beth Starkin, Peppercom, +1-212-931-6108,bstarkin@peppercom.com, for The Doctors Company
Web site: http://www.thedoctors.com/
Source: PRNewswire
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