EmPRO Insurance Records Another Year of Strong Financial Performance; Sets Sights on Expansion in Northeast Region
Malpractice Insurer Sees Combined Ratio of 78%, Strengthens Surplus by $29 Million, and Files to Operate in New Jersey
ROSLYN, N.Y.--(BUSINESS WIRE)-- EmPRO Insurance Company and its parent company (“EmPRO” or collectively “the Company”), the third largest admitted medical malpractice insurer in New York State, today announced that the Company recorded another year of outstanding financial performance in 2021, growing its surplus by $29 million, achieving $16 million in underwriting gains, and achieving a combined ratio of 78.9 percent.
EmPRO also announced that its financial performance, together with the results of parent company Physicians’ Reciprocal Insurers, has set the stage for its expansion beyond New York for the first time ever. It has filed to become an admitted insurer in New Jersey and plans to begin issuing policies in the state by mid-year 2022.
“It is incredibly rewarding for us to share these strong financial results as further evidence of fiscal responsibility and our sound business strategy,” said Bruce Shulan, President and CEO of EmPRO. “Our consistent financial performance over the past few years—generating more than $320 million in surplus improvement since 2017— gives us the confidence to implement our plan to expand operations beyond New York State and into the Northeast corridor. The turnaround of PRI is a model of how to turn around a troubled company, demonstrating a keen strategic vision, a bold plan, and innovative solutions.”
The Company’s results were buoyed by consistent investment income, strong client retention at a rate of 90 percent, and growth in controlled premium—policies sold through broker distribution—of $4 million. A slight decrease in net premium income to $166.4 million was primarily due to a decrease in insureds served via the New York State Medical Malpractice Insurance Pool, which provides coverage for physicians and health care providers who are not able to get coverage in the voluntary market.
“We have taken a very conservative approach to ensure that we continue to strengthen our underlying financials, are well-positioned to weather economic uncertainty from inflation, and to support continued investment in our growth,” said Brian Nolan, COO of EmPRO. “EmPRO’s significantly improved balance sheet, superb client service and strong underwriting results underscore the strengths we bring to the marketplace as we continue to serve clients in New York and begin our geographic expansion.”
EmPRO Insurance Company is a licensed medical professional liability insurance carrier headquartered in New York State and dedicated to protecting physicians, healthcare facilities, and healthcare providers. Together with its parent company, Physicians’ Reciprocal Insurers, EmPRO is the third largest admitted medical malpractice insurer in New York State and one of the Top Fifteen insurers in the country providing professional liability insurance coverage and innovative products that anticipate the needs and further the financial goals of policyholders. EmPRO provides the medical community with personalized underwriting services, aggressive claims defense, and effective risk management strategies designed to help improve the liability environment for doctors, chiropractors, dentists, and healthcare facilities. EmPRO is capitalized with over $100 million and is managed by PRIMMA LLC, PRI’s wholly owned attorney-in-fact. Learn more at www.myempro.com.