Curi, formerly Medical Mutual Insurance Company of North Carolina, will expand the reach of its medical professional liability program in the second quarter of 2021. The carrier is aiming to bring its physician and surgeons program to New Mexico on April 15, pending state regulatory approval. Though the company has experienced a name change, it has filed this program under its Medical Mutual Insurance Company of North Carolina branding.
Expect the carrier to be competitive with this offering, as it utilized filing data from several competitors to develop rates and rules for this offering. Curi has tapped several top medical professional liability carriers in the state, which includes MedPro, NORCAL, The Doctors Company, MAGMutual and MMIC. This will be the Curi’s initial entry into the New Mexico market.
This program will mirror similar offerings that Curi has in other states, with similar limit factors. Basic limits for the program will start at $1 million/$3 million, with increased limits up to $2 million/$4 million, though the carrier will consider higher limits on a case-by-case basis. Discounting strategies such as a part-time practice discount and volume premium discounts will also be available. A new physician discount of 50% will apply to all insured’s during their first policy year entering their first full-time practice. This discount will drop to 25% in the second year of the policy. Minimum premium will start at $1,000.
Curi will likely be aggressive when pursuing new accounts and will likely leverage its strategy of offering individual pricing in an attempt to lure potential insureds away from the competition. The carrier has been aggressive with individual discounted pricing in its domiciled state of North Carolina, though it also hasn’t been shy about underwriting riskier accounts at individual rates when granted approval.
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