JACKSONVILLE, Fla., Feb. 24, 2015 (GLOBE NEWSWIRE) -- Jacksonville-based MedMal Direct Insurance Company (MedMal Direct) has formed a strategic alliance with Liberty International Underwriters (LIU), a division of Liberty Mutual Insurance, effective January 1, 2015. Liberty Mutual Insurance is a diversified global insurer and the third largest property and casualty insurer in the U.S., with a financial strength rating of A (Excellent) from A.M. Best and $121 billion in assets. As a quota share reinsurer of MedMal Direct, Liberty Mutual will support MedMal Direct's further growth in key markets.
MedMal Direct has grown its book of business to over $15 million in annual premium since introducing its direct-sales model to the medical malpractice insurance industry in 2010. "It's been very exciting to change the model of medical professional liability insurance, and provide tremendous value and savings to thousands of hard-working physicians," said Butler Ball, CEO of MedMal Direct. "We are very humbled by Liberty Mutual's interest in our company, and are bullish about this strategic alliance."
Carl Pursiano, Chief Underwriting Officer of US Specialty Casualty at LIU said: "We are impressed with the value proposition that MedMal Direct brings to this space. The service quality and savings opportunities they offer physicians are market differentiators and we are pleased to be a part of this exciting endeavor. Our SVP of Medical Professional Liability, Valoree Celona, will spearhead the alliance with MedMal Direct and we look forward to working together to bring this innovative offering to a broader audience."
About MedMal Direct Insurance Company:
MedMal Direct Insurance Company (MedMal Direct) is one of the fastest growing professional liability insurance companies in the nation and is the only national medical malpractice insurance carrier to exclusively offer its policies direct to physicians. The company enables physician practices in Florida, Georgia, Illinois, Missouri, North Carolina, Ohio and Texas to realize significant savings on one of their largest expenses – medical professional liability insurance premiums. MedMal Direct has earned and maintains a Financial Stability Rating® of A, Exceptional, from Demotech, Inc. and is backed by a panel of A.M. Best A (Excellent) and A+ (Superior) rated international reinsurers with $425 billion in assets. Visit www.mymedmal.com for more information.
About Liberty Mutual:
Liberty Mutual Insurance helps people preserve and protect what they earn, build, own and cherish. Keeping this promise means we are there when our policyholders throughout the world need us most. In business since 1912, and headquartered in Boston, Mass., today Liberty Mutual is a diversified insurer with operations in 30 countries around the world. The company is the third largest property and casualty insurer in the U.S. based on 2013 direct premium written as reported by the National Association of Insurance Commissioners.
Liberty Mutual is ranked 76th on the Fortune 100 list of largest corporations in the U.S. based on 2013 revenue. As of December 31, 2013, Liberty Mutual Insurance had $121.2 billion in consolidated assets, $102.2 billion in consolidated liabilities, and $38.5 billion in annual consolidated revenue.
Liberty employs more than 50,000 people in approximately 900 offices throughout the world, and we offer a wide range of insurance products and services, including personal automobile, homeowners, accident & health, commercial automobile, general liability, property, surety, workers compensation, group disability, group life, specialty lines, reinsurance, individual life and annuity products.
You can learn more by visiting www.libertymutualinsurance.com.
CONTACT: Press Contact: Amanda Wratchford Phone Number (O): (904) 482-4068 Phone Number (C): (904) 252-2156 Amanda@MyMedMal.com
Source:MedMal Direct Insurance Company;Liberty Mutual Insurance