Alterna launches risk retention groups and captives services

26-09-2013

Alternative risk solutions specialist Alterna has launched a suite of new services for risk retention groups and captives with a specific focused on medical professional liability coverage for physician, clinic, and hospital group insurance facilities.

Most group insurance facilities such as risk retention groups and captives use several third-party service providers supporting their structure. Alterna says this can result in gaps in service and information sharing; it believes its new products could fulfil all their needs.

"We formed Alterna with a one-company approach," said Mary-Lou Misrahy, chief executive of Alterna. “In addition to being able to unbundle services when wanted by the insured group, we also are leveraging our deep in-house expertise to the advantage of physicians and hospitals. This way, groups have a choice to stick with their existing vendors, or they can receive all the needed expertise and service under one roof.”

Alterna offers in-house expertise in financial reporting, regulatory compliance, underwriting and policy issuance, risk management consulting and live support, continuing medical education (accredited and specialty-specific), claims administration, and other management services including marketing, reinsurance and web hosting.

"We believe we offer the most comprehensive set of services making it easier and more cost-effective for captives to operate in today's economy and risk financing environment," noted Misrahy.

Physicians, clinics, and hospitals have a variety of captive insurance structures to choose from, all with different regulatory requirements depending on the state in which the captive is located. The participants in the captive, however, do not have to be located in the same state (or even country) as the captive.

"All this can get complicated which is why the deep expertise of the captive management company is critical," said Misrahy. "It's time that physicians, clinics, and hospitals had both deep medical professional liability experience combined with captive management expertise."

 

Alterna, alternative risk, risk retention, medical professional liability, insurance