Physicians' Reciprocal Insurers Completes Transition to Self-Management with Installation of PRIMMA as Attorney-in-Fact

ROSLYN, N.Y., Sept. 25, 2017 /PRNewswire/ -- Physicians' Reciprocal Insurers, ("PRI") the second largest admitted medical malpractice insurer in New York State, today announced that it has completed transferring the management of its operations to PRIMMA, LLC, a newly-formed subsidiary, which will act as attorney-in-fact. In addition, the company has signed a new, 16-year lease of its headquarters in Roslyn, New York.

"Because PRIMMA is wholly owned by PRI, the two organizations are completely aligned on business strategy and financial objectives," said Dr. Barry Schwartz, Chairman of the Board of Governors of PRI. "In addition, the expertise that the new PRIMMA management brings will enable us to accelerate the enhancement of our operations.

PRI insureds are unaffected by the change and remain fully protected according to the terms of their policies. As previously announced, in November 2016 PRI engaged the consulting firm The Princeton Partnership LLC whose onsite team continues to assist with the assessment and enhancement of marketing, underwriting, claims and operations.

"This is a very important step in the evolution of PRI that will help secure its longevity as a leading provider of malpractice insurance in New York State," said Bruce Shulan, Managing Partner of The Princeton Partnership and interim Chief Executive Officer of PRIMMA. "This will enable PRI to take greater advantage of growth opportunities and, more importantly, optimize efficiency and efficacy in addressing the needs of its member insureds."

Employees of the prior attorney-in-fact, with the exception of the executive management, have become PRIMMA employees, ensuring a smooth transition with no interruption in service.

"PRI prides itself on being 'by physicians, for physicians,'" added Schwartz. "Becoming a self-managed organization through PRIMMA ensures that we can continue to deliver on that promise. The Board and I extend our thanks to the New York State Department of Financial Services for their support in helping us achieve this milestone."

About Physicians' Reciprocal Insurers
Physicians' Reciprocal Insurers (PRI), headquartered in Long Island, New York, is a leading provider of professional liability insurance to physicians and medical facilities. As the second largest admitted medical malpractice insurer in New York State and one of the Top Ten in the country, PRI is recognized as one of the most respected names in medical malpractice insurance. Founded in 1982 by doctors to serve the healthcare industry and its professionals, PRI continues to be a leader providing coverage and innovative products that anticipate the needs and further the financial goals of policyholders, and offers key services to help improve the liability environment for doctors, chiropractors, dentists and healthcare facilities.

SOURCE Physicians' Reciprocal Insurers