Healthcare Providers Insurance Exchange (HPIX) Returns $2 Million to Policyholders
Healthcare Providers Insurance Exchange ("HPIX") has received approval from the Commissioner of the Pennsylvania Insurance Department to return nearly $2 million to its policyholders.
PHILADELPHIA, Nov. 1, 2011 /PRNewswire/ -- Healthcare Providers Insurance Exchange (HPIX), a Philadelphia based, multi-state medical malpractice insurance company, announced today that it has received approval to enter the third phase of the company's Surplus Contribution Dividend Program.
The Surplus Contribution Dividend Program began in 2009, when HPIX returned over $1 million to physicians who joined HPIX in 2003. In 2010, HPIX continued the Surplus Contribution Dividend Program, returning in excess of $1 million to member physicians who joined HPIX in 2003 and 2004. In 2011, HPIX will enter the third phase of the program, which calls for the return of nearly $2 million to physicians who joined HPIX between 2003 and 2005, who continue to be insured with HPIX.
Physicians who joined HPIX in 2005 will receive their first surplus dividend, representing 20% of their original contribution. Physicians who joined in 2004, and who continue to be insured by HPIX will receive their second surplus dividend, also equal to 20% of their original contribution. Physicians who joined The Exchange in 2003 will receive their third surplus dividend, equal to 20% of their original contribution.
Thomas Gaudiosi, HPIX CEO commented about the plan. "HPIX is one of the only insurance exchanges to return surplus to its policyholders. In doing so, we are showing our commitment and rewarding our physicians' loyalty. Capital is a critical component in managing an insurance company, especially in this market; the fact that we giving bonuses to our subscribers is a testament to our financial strength. It is very rewarding as the CEO to give back a meaningful amount of cash to our longest standing subscribers and know it is making a difference in their practice."
Contact:
Thomas Gaudiosi, Chief Executive Officer
[email protected]
215.979.1509
SOURCE Healthcare Providers Insurance Exchange
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