(PRWEB) October 27, 2011
Conventus Inter-Insurance Exchange, New Jersey’s only physician-owned and governed medical professional liability insurance company, is proud to announce a record return of nearly $3 million to qualified members, in a combination of cash dividends and/or returns of surplus contributions. This is Conventus’ second consecutive year of returns to members through the Conventus Owners Benefit Program (COBP), as part of its long-term objective 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 New Jersey Department of Banking and Insurance.
“As the result of another successful year – and consistent with our no-profit objective – Conventus is delighted to announce that its members will share in a record return of nearly $3 million – 75 percent of the past year’s profits,” said Conventus President Lyn Winters.
“We are extremely excited about today’s great news. This announcement makes Conventus’ value proposition even more clear, credible and compelling to current and prospective members and their insurance brokers,” she added.
Dr. Albert Talone, Chairman, Conventus Board of Governors, shares the excitement over this achievement.
“As a physician-owned and governed company, Conventus members can be comforted knowing that this exchange always put their best interests first. From sharing profits to vigorously defending claims made against them, Conventus members will always benefit from the unique resources and unwavering commitment of 1,100-plus New Jersey physicians joining together to help each other. In today’s fast-evolving world of modern medicine, this mutual association of physicians stands out for being truly physician-centric. It is my privilege to be associated with such a fine organization,” Dr.Talone said.
Conventus Inter-Insurance Exchange is the only medical professional liability insurance company in New Jersey that is 100 percent owned and governed by its physician members. Formed in response to New Jersey’s medical professional liability insurance crisis, Conventus is a non-assessable reciprocal insurance exchange that is managed by experts in the property and casualty insurance industry. Its management team has extensive experience in medical professional liability insurance and in managing underwriting results for companies like Conventus.