CHARLOTTE, N.C., Dec. 4, 2013 (GLOBE NEWSWIRE) -- The Carmelite System, Inc. has become a new owner of the American Excess Insurance Exchange (AEIX), Risk Retention Group. The system consists of 13 not-for-profit nursing, rehabilitation, assisted living and other facilities across seven states and Ireland.
With a balance sheet of $410 million in assets and $246 million in subscriber equity, AEIX is the largest risk retention group in its class. As a new owner of AEIX, The Carmelite System will benefit from pricing stability, and comprehensive claims and risk management programs focused on reducing harm and improving quality outcomes. The Carmelite System can also benchmark and compare demographic and performance metrics with other members of AEIX.
"We believe AEIX has the best overall price stability and reduction of risk for our organization. The program's combination of risk control and loss reduction initiatives, along with its financial strength, performance and ownership, proves that AEIX is aligned with our goals," said Paul MacGiffert, CEO of The Carmelite System, which has assets of $461 million and total revenue of $218 million.
AEIX is managed by Premier Insurance Management Services, Inc. (PIMS), a wholly owned subsidiary of Premier, Inc. (Nasdaq:PINC). Owned by 19 health systems, AEIX offers excess professional and general liability insurance to not-for-profit hospitals and health systems. This helps them reduce the long-term cost and volatility of excess liability insurance while ensuring availability and access to coverage. AEIX has paid $192 million in distributions to its policyholder owners over its 23-year history.
"We're delighted to welcome The Carmelite System to AEIX as an owner," said Robert Dowdy, president of PIMS. "The strength of the AEIX model is driven by its owner health systems as they manage risk and deliver high quality healthcare. Carmelite has made a habit out of providing high-quality care and is an excellent addition to the group."
About Premier Insurance Management Services Inc.
Incorporated in 1987, PIMS is an Illinois for-profit corporation wholly owned by Premier, Inc. PIMS provides contracted management services for American Excess Insurance Exchange, Risk Retention Group (AEIX), and is attorney-in-fact for Premier Insurance Exchange, Risk Retention Group (PRx). PIMS also serves as program manager offering enhanced endorsed programs with leading commercial insurers through a comprehensive portfolio of property, casualty and employee benefit products. Other services include providing claims and risk management assessments and education offerings regarding medical professional liability for hospitals and their physicians.
About Premier, Inc.
Premier, Inc. (Nasdaq:PINC) is a leading healthcare improvement company, uniting more than 2,900 U.S. hospitals and nearly 100,000 other providers to transform healthcare. With integrated data and analytics, collaboratives, supply chain solutions, and advisory and other services, Premier enables better care and outcomes at a lower cost. Premier, a Malcolm Baldrige National Quality Award recipient, plays a critical role in the rapidly evolving healthcare industry, collaborating with members to co-develop long-term innovations that reinvent and improve the way care is delivered to patients nationwide. Headquartered in Charlotte, N.C., Premier is passionate about transforming American healthcare. Please visit Premier's news and investor sites on www.premierinc.com; as well as Twitter, Facebook, LinkedIn, YouTube, Instagram, Foursquare and Premier's blog for more information about the company.
CONTACT: Alven Weil Premier, Inc. 704.816.5797 Alven_Weil@premierinc.com