PLICOPhysician Liability Insurance Company
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PLICO is a physician-owned company that provides customized comprehensive professional and hospital liability, clinical risk management, claims and litigation support to its network of healthcare providers and entities.
PLICO had hopes of tying the claims and policy systems together, so when a claim was entered, it could be attached to the policy to ensure coverage--something the carrier had grown accustomed to doing manually.
PLICO created a task force to find the best solution.
PLICO has one giant renewal every year, notes Meares, with the majority of the carrier's policies renewed on an annual basis.
Hook stated, "Our decision to declare a dividend was based on the fact that PLICO is in the strongest financial condition of its 30 year history.
The Board feels that the dividend will help PLICO insured physicians in a difficult financial period; we are very pleased that PLICO can help.
In under a year, with an invigorated board and a clear game plan, PLICO made large strides toward financial health by raising premiums, restructuring the business and becoming self-managed.
As PLICO started planning for the long term, it realized that its legacy IT system was dated and would inhibit the Company's progress.
Fitch views the senior debt issuance and surplus note refinancing as a positive step in reallocating capital between PLICO and Golden Gate.
Protective Life Corporation is a separate company and is not responsible for the financial condition or contractual obligations of PLICO.
PLICO and IDI are each subsidiaries of Protective Life Corporation, a separate company which is not responsible for the financial condition or contractual obligations of PLICO or IDI.