ROSLYN, N.Y.--(BUSINESS WIRE)--EmPRO Insurance Company (“EmPRO” or “the Company”), a licensed medical professional liability insurance carrier serving physicians and healthcare facilities, marked its second-year writing business as the third largest admitted medical malpractice insurer in New York State. EmPRO, a wholly owned subsidiary of Physicians’ Reciprocal Insurers (“PRI”), was capitalized in 2020 with $100 million of surplus by its parent, PRI, while assuming all of PRI’s active New York business. For year ended December 31, 2022, EmPRO recorded another year of outstanding financial performance reporting admitted assets of $395.8 million, liabilities of $283.7 million, reserves of $176.9 million, surplus of $112.1 million, gross written premium of $178.4 million, net income of $12.1 million and achieving a combined ratio of 82.7 percent.
In 2023, EmPRO transitioned into a regional carrier having the ability to write medical professional liability business in Pennsylvania and Connecticut with the intent to write in other jurisdictions in the near future.
“This has been a very productive two years for EmPRO Insurance, and we’re just getting started,” said Bruce Shulan, President and CEO. “In our first year, we transitioned 100 percent of PRI insureds over to EmPRO, and in our second year, we retained 90% of our clients while also growing our book of business by strengthening broker relationships and providing the highest levels of customer service.”
“Over the next two years, our plan is to accelerate our growth to serve clients and the broker community as a regional insurer serving physicians and healthcare facilities in select markets across the Northeast. We have a deep understanding of the needs in the market, and the right leadership to build on our progress and drive continued success in the region,” he added.
“Individual physicians, healthcare facilities, and the industry as a whole have been severely stress-tested during the COVID-19 pandemic,” said Chief Operating Officer Brian Nolan. “I am proud to say that we have thrived under these difficult conditions thanks to the commitment of our incredible staff, and especially our customer service team that has provided the highest levels of service to our insureds and brokers.”
EmPRO has been recognized over the past two years by The Brandon Hall Group, the Apex Awards, and the LearnX Live Awards for its highly regarded Continuing Medical Education programs and physician support services. The free flagship service, called Virtual Peer Support, was designed to help healthcare providers manage stress during the COVID crisis and beyond. The program has addressed such topics as burnout and physician wellness, with a variety of medical professionals in New York, across the U.S., and all over the world participating.
Responsive and prompt customer service—for physicians and brokers alike—has been the focus of continuous improvement at EmPRO. Insureds and brokers can access their accounts via the MyEmPRO.com web portal, which provides 24/7 access to policy information, claims history, billing details, and a host of other service options.
About EmPRO Insurance
EmPRO is a licensed medical professional liability insurance carrier headquartered in New York State and dedicated to protecting physicians, healthcare facilities, and healthcare providers. A subsidiary of Physicians’ Reciprocal Insurers (PRI), EmPRO is managed by PRIMMA LLC, PRI’s wholly owned Attorney-in-Fact. EmPRO provides the medical community with personalized underwriting services, aggressive claims defense, and effective risk management strategies. Learn more at www.myempro.com.