BIRMINGHAM, Ala., March 21, 2013 /PRNewswire/ -- ProAssurance Corporation (NYSE:PRA), a specialty writer of professional liability insurance, and the Cooperative of American Physicians, Inc. (CAP) are partnering to offer a new liability protection product, CAPAssurance, designed to meet the unique needs of hospitals and other medical facilities in California.
" California's regional and community hospitals and other healthcare facilities face a growing and expensive set of liabilities requiring creative solutions. CAP, as a California-based physician organization with deep medical professional liability experience, understands that meeting these needs requires a partner with broad experience in writing hospitals and facilities, all backed by unquestioned financial strength," said James L. Weidner, Chief Executive Officer of CAP. He went on to say, "ProAssurance, an NYSE listed company with an 'A' rating and rock-solid balance sheet, meets all the qualifications we were looking for when we set out to establish this innovative partnership."
"We are excited to join forces with CAP to offer this new program. CAP's demonstrated track record of long-term success and its experience in California are among the key reasons we decided to partner with CAP," said W. Stancil Starnes, Chairman and Chief Executive Officer of ProAssurance. Starnes also said, "For nearly 40 years CAP has been working with physicians to help them lower risk, mitigate exposure, and provide the highest quality legal support services when a claim is filed. There is no better partner for ProAssurance in developing and offering this product than CAP."CAPAssurance will use the same CAP Claims Services professionals who have earned the respect of healthcare providers – and opposing counsel – in thousands of medical professional liability claims throughout California. Weidner added, "The difference that CAPAssurance will bring to the hospital market is CAP's decades of understanding what individual physicians need to care for patients plus ProAssurance's ability to provide a broad range of risk-sharing options." "As the nation's healthcare system aligns physicians and hospitals ever more closely, each needs to anticipate how the other must respond to the options available in this new era of patient health," said John E. Ingram, M.D., Chair and President of CAP. Dr. Ingram also said, "CAPAssurance will be able to speak the language of physicians and hospitals. We expect everyone to benefit from that joint experience." Just as patient safety tops the list of any hospital administrator's priorities, so too is it a core value of CAPAssurance. That is why the CAPAssurance program offers the assistance of seasoned risk managers to work with hospital staff professionals to prevent claims from ever occurring.