113) Although Academic's book of business is primarily limited to healthcare professionals who are in academia and engage in the clinical practice of medicine and dentistry under the auspices of a university medical teaching system, (114) PRI and MLMIC
could provide coverage to Academic's insureds.
At the same time, this transaction would maximize the value of Princeton for our MLMIC
, the biggest malpractice writer in the state, meanwhile, argued for a minimum increase of 63 percent for 1985-86 over the previous 1984-85 rates.
The acquisition, which already has been approved by the directors and shareholders of MLMIC
, is subject to customary closing conditions and regulatory approvals.
The divestment will allow MLMIC
to entirely focus on its business with New York State healthcare providers, the company's president, Robert Menotti, said.
and to give step-by-step a criticism of the MLMIC
rate filing by Allan Kaufman of Milliman & Robertson.
In spite of the financial troubles, MLMIC
has benefited from a 1985 New York law that prevents the state from forcing any medical malpractice insurer into liquidation even if the company is insolvent, and a waiver that permits it to discount reserves for unpaid losses and loss adjustment expenses.
, PRI HIC, Academic, and HPIC together write approximately 90% of the premium volume in the state.
As a MLMIC
subsidiary, OHIC holds a B rating from the A.
The Department and the malpractice insurers, including MLMIC
and the Medical Malpractice Insurance Association, have been in conflict for years over rate levels.
has downgraded the financial strength rating to B++ (Very Good) from A- (Excellent) of MLMIC
Group, which is based on the consolidated operating performance and financial condition of Medical Liability Mutual Insurance Company, and its wholly owned subsidiaries, Princeton Insurance Company, OHIC Insurance Company and Professional Liability Insurance Company of America.
has downgraded the financial strength rating to A- (Excellent) from A (Excellent) of MLMIC
Group, based on the consolidated operating performance and financial condition of Medical Liability Mutual Insurance Company and its wholly owned subsidiaries, and placed it under review with negative implications.