Midlothian, Virginia-April 19, 2021- State Volunteer Mutual Insurance Company, SVMIC, a physician-owned medical professional insurance carrier with an A (Excellent) rating from A.M. Best and Professional Risk Associates, an independent insurance agency, have partnered to provide healthcare professionals throughout the mid-Atlantic region comprehensive medical professional liability coverage, risk mitigation tools and insightful practice consulting.
SVMIC and Professional Risk formally began their partnership at the beginning of 2021. “As an independent insurance agency, Professional Risk strives to provide its clients the best in insurance coverage and resources. We are excited to offer our clients another highly rated, financially secure carrier with a focus on physician leadership and strong legal defense”, said Steve Fargis, the agency’s Senior Vice President.
Today, physician practices are experiencing premium increases and tougher underwriting practices on their medical professional liability coverage due to a “hardening” market. The insurance industry is shifting toward a harder market due to an increase in claims severity and shock verdicts around the country. This hardening market, coupled with changes brought on by the COVID-19 pandemic, has put a financial strain on many practices. John Mize, CEO of SVMIC stated, “We are excited to partner with Professional Risk to offer to their clients our strong claims defense, unique risk resources, and exclusive physician services to help doctors meet the challenges they face today.”
Throughout these market changes, it is important to work with credible carriers who provide comprehensive insurance at appropriate rates to ensure the future of healthcare providers. This partnership with SVMIC and Professional Risk will deliver these services to clinicians.
About Professional Risk Associates
Founded in 1989 with the goal of making a difference in physician practice risk management and mitigation, Professional Risk focuses solely on physician practice issues and is the largest Agency of its type in the mid-Atlantic area. Professional Risk is an ESOP company where each employee is a shareholder and is responsible for the continued success of the company. To learn more about Professional Risk’s services and coverage options, visit www.profrisk.com. Providers can also connect with Professional Risk, on Facebook, Twitter, and LinkedIn.
SVMIC was founded by physicians in 1976. Today, the company provides medical malpractice insurance to over 19,000 physicians and advanced practice providers in Tennessee, Arkansas, Virginia, Kentucky, Georgia, Alabama, North Carolina, Oklahoma, and Mississippi. As a mutual company, physician members have the unique opportunity to determine how SVMIC utilizes its resources, provides ongoing education, and protects the best interests of the group. The 12th largest physician malpractice insurer in the U.S., SVMIC continues to be 100% owned and led by physicians. For more information, visit www.svmic.com.