PHOENIX--(BUSINESS WIRE)--Mutual Insurance Company of Arizona (MICA), Arizona’s market leader in medical professional liability insurance, announced that its Board of Trustees has declared a special dividend to provide economic relief to its members.
The company will distribute a $12 million dividend to all members with policies in-force as of April 30, 2020. The dividend will be credited to policyholder accounts on June 1, 2020.
“We have been closely monitoring the evolution of this pandemic and stand to support our members who face unprecedented practice challenges and economic hurdles. Like many other businesses, healthcare practitioners throughout Arizona, Colorado, Nevada and Utah are feeling the broad effects of this pandemic,” said Ron Malpiedi, SVP and Chief Operating Officer. “MICA’s financial strength allows us to respond with this special dividend to our policyholders with great confidence.”
“It’s no secret that the healthcare community at large has been called to the frontline of this pandemic,” said Dr. James Carland, M.D., President and Chairman of the board. “While we give thanks and commend the men and women working countless hours to care for their patients, we are also aware that physicians and surgical groups in private practice are experiencing economic fall-out and pain. Working under these conditions creates increased stress and concern for potential liability exposure. As a physician-run mutual insurer, it’s our responsibility to assist our members in maintaining proper medical professional liability coverage to alleviate stress and to help ensure the sustainability of our profession.”
In addition to this special dividend, MICA is waiving cancellations for non-payment of premium until June 30, 2020.
Founded in 1976, MICA is a physician-owned and directed mutual insurance company, providing medical professional liability insurance to physicians and advanced healthcare professionals throughout Arizona, Colorado, Nevada and Utah.