SOURCE: Uni-Ter Underwriting Management Corporation

October 06, 2009 11:37 ET

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.

Contact Information

  • Media contact:
    Mechlin Moore
    MDM Communications
    845-920-7081
    Email Contact

    Underwriting contact:
    Tonya Dugan
    678-781-2374
    Email Contact