Contact Information: Media contact: Mechlin Moore MDM Communications 845-920-7081 Underwriting contact: Tonya Dugan 678-781-2374
New York Medical Malpractice Risk Retention Group Offers New Members One-Time Reduction in Capital Contribution
NEW YORK, NY--(Marketwire - October 6, 2009) - J. M. Woodworth RRG, Inc., a medical
malpractice Risk Retention Group that insures physicians and surgeons in
New York, is reducing the capital new policyholders are required to pay by
83 percent through the end of this year.
"The Company presently has excess capital, which allows us to make this
special offer to new stockholders from October 1 through December 31," said
Sanford "Sandy" Elsass, President/CEO of Uni-Ter Underwriting Management
Corporation, administrator of J. M. Woodworth.
Woodworth is a stock insurance company organized as a Risk Retention Group
under the federal Liability Risk Retention Act of 1986 that enables RRGs
domiciled in a single state to operate in all other states without
additional licensing. The Company issued its first policy in New York
October 1, 2006. Through selective underwriting and professional risk
management, Woodworth offers New York physicians and surgeons a
cost-effective alternative to the traditional carriers.
In order to be insured by Woodworth, physicians and surgeons are required
to make a capital contribution by purchasing stock in the Company. "Due to
excess capital, this offer gives new stockholders a significant incentive
to join now," Elsass pointed out. "There are no current plans to extend the
offer beyond December 31, 2009."
Prior to this special offer, the average capital contributed by a physician
whose $1 million/$3 million Claims Made premium was $50,000 was $30,000 (60
percent of the $1 million/$3 million Claims Made premium), which was
payable over three years. Under this offer, for the next three months,
newly insured physicians paying the same $50,000 $1million/$3 million
Claims Made premium will pay $5,000 in capital (10 percent of the $1
million/$3 million Claims Made premium) payable over two years.
Uni-Ter is a subsidiary of U.S. RE Companies, Inc., a New York-based,
international financial services and reinsurance brokerage firm.