New Medical Malpractice Stock Insurance Company Opens in Florida

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Jacksonville-based MedMal Direct Insurance Company (“MedMal Direct”) has officially launched operations as a medical malpractice insurance company in Florida. The company, the first in Florida to provide medical malpractice insurance directly to the physician community without the use of insurance agents or brokers, received its certificate of authority from the Florida Office of Insurance Regulation last week.

“The company will then underwrite the physician and, in most cases, return a quote within 48 hours of the completed application.”

MedMal Direct enables physicians to realize significant savings on one of their largest expenses — medical professional liability insurance premiums.

"By using the direct-write distribution model, we are able to pass on the savings to the physician," said Butler Ball, CEO of MedMal Direct. "Because of the commoditized nature of the product, it is simply more efficient for the physician to purchase directly from the company."

Company officials call the business model and customer service platform "user-friendly and responsive." MedMal Direct expects to save Florida physicians an average of 20 percent on their premiums at a time when their bottom line is under pressure from the economic downturn and the expected reduction in Medicare and Medicaid reimbursements, Ball said.

"A physician or practice manager may go to our website, fill out a brief application and submit it to MedMal Direct in a matter of minutes," said Tim Bone, company president. "The company will then underwrite the physician and, in most cases, return a quote within 48 hours of the completed application."

The company’s medical malpractice insurance product will have the same features and will provide the same coverage as those currently being offered in the market through the traditional brokerage system. It is the distribution model that will provide physicians some much needed relief in the face of rising overhead costs.

The four founders of the company include: Carter B. Bryan - Chairman of the Board, Butler Ball - Chief Executive Officer, Timothy R. Bone - President, and Michael J. Wallace - Chief Operating Officer and Chief Financial Officer. The founders have more than 100 years of combined experience in the insurance and financial services industry. The company’s experienced management team, its strong balance sheet and actuarially-sound and conservative underwriting philosophy will provide Florida’s physicians with the comfort and protection they need at a lower price.

“It’s very simple," Bone said, “It’s better to be direct.”