Conventus Declares Nearly $3 Million Return to Qualified Policyholders

Demonstrating financial strength, Conventus Inter-Insurance Exchange is returning $2.6 million this year. Over the past three years, Conventus has distributed more than $6.5 million.

Conventus Inter-Insurance Exchange, New Jersey’s only physician-owned and governed medical professional liability insurance company, is proud to announce a return of nearly $3 million to qualified members, in a combination of cash dividends and/or returns of surplus contributions, simultaneously rewarding member loyalty and member financial commitment.

This is Conventus’ third consecutive year of returns to members through the Conventus Owners Benefit Program (COBP). The reciprocal exchange’s long-term objective is to reward members each year by returning to them as much as 75 percent of its profits.

Returns under the COBP are subject to the prior written approval of the NJ Department of Banking and Insurance.

As a Conventus Professional Affairs Committee member put it recently, “I’m part-owner. I own a stake in the company. I get a small refund back on my premium every year, and I have a lot invested in the success of the company. I feel like I’m part of it. I really do feel that the company is on my side.”

The Conventus success formula is one of 1) pricing insurance at cost, 2) insuring the best NJ physicians, and then skillfully managing their risks, 3) aggressively defending their interests through personal claims service, and 4) rewarding loyalty through long-term growth incentives.

About Conventus Inter-Insurance Exchange

Conventus Inter-Insurance Exchange distinguishes itself by Putting Physicians First™. Conventus is owned and governed exclusively by its New Jersey physician members; Governing Board members all currently practice medicine. Conventus returned funds to New Jersey physicians for three consecutive years (2010-2012). A not-for-profit insurer, Conventus’ financial strength and responsive service help it retain 98 percent of members annually. In addition, its 24/7/365 risk management hotline has saved millions in claims costs by helping doctors avoid litigation. Conventus was a pioneer in offering formal EHR evaluations that focus on risk exposures – and was the first U.S. PIAA carrier to offer PeriCALM Shoulder Screen for obstetricians. In-house claims department attorneys maintain case counts lower than competitors, allowing them to resolve member claims with the least negative impact. In 2012, the company celebrates its 10th anniversary and upholds its A’ financial rating. Its commitment to member owners consistently leads the way.

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