A Roslyn-based malpractice insurer, EmPRO Insurance Company, plans to expand into New Jersey.
The plans follow the company increasing its surplus by $29 million in 2021, achieving $16 million in underwriting gains and achieving a combined ratio of 78.9%, according to the company.
The company, a physician reciprocal insurance company, has applied to become a licensed insurer in New Jersey, where it plans to begin issuing policies in mid-2022.
“It is incredibly gratifying for us to share these strong financial results as further evidence of our fiscal responsibility and strong business strategy,” said Bruce Shulan, president and CEO of EmPRO, in a statement.
“Our consistent financial performance over the past few years – generating more than $320 million in surplus improvement since 2017 – gives us the confidence to execute on our plan to expand operations beyond the New York State and the Northeast Corridor,” he added. “PRI’s turnaround is a model of turning around a struggling business, demonstrating sharp strategic vision, a bold plan and innovative solutions.”
The company said its investment income and strong customer loyalty have helped its growth. He also credited “controlled premium growth — policies sold through broker distribution — with $4 million,” according to a press release about the company’s expansion plans.
There was still a “slight decrease in net premium income to $166.4 million”, which the company says came at a time when there was a decrease in the number of policyholders served by the New York State Medical Malpractice Pool. The pool offers coverage to doctors and healthcare providers who are not covered in the voluntary market.
“We have taken a very cautious approach to ensure that we continue to strengthen our underlying financials, that we are well positioned to weather the inflation-related economic uncertainty and to support continued investment in our growth. “EmPRO COO Brian Nolan said in a statement. declaration.
“EmPRO’s significantly improved balance sheet, excellent customer service and strong underwriting results underscore the strengths we bring to the market as we continue to serve our customers in New York and begin our geographic expansion,” he said. he declares.