Coverys, a provider of medical professional liability insurance and related services, has established Coverys Custom Accounts (CCA), an account underwriting division.
CCA was formed to support Coverys’ strategic plan and further its expansion into the large account underwriting and services arena.
CCA is at the forefront of Coverys’ continuing strategy to respond to the needs of hospitals, health systems and physician groups as they navigate changes resulting from the Affordable Care Act. Clinical and financial integration of the healthcare delivery system is posing challenges for providers on all levels and is bringing with it a trend towards structuring delivery of care on a larger and broader scale.
Coverys Custom Accounts will offer solutions to large providers to address the unique risks associated with these new and often complex structures.
“Establishing CCA demonstrates our commitment to expanding our services in the large account underwriting arena. CCA will be an integral part of our strategy to become the market leader in medical professional liability program underwriting and design wherever these services are needed,” said Gregg Hanson, chief executive officer and president of Coverys.
CCA will have a dedicated large account underwriting unit responsive to producer needs featuring capabilities that embrace alternative risk financing structures, excess coverage and reinsurance programs. In addition, CCA clients will have access to the Coverys suite of comprehensive risk management and patient safety educational programs, as well as online and in-person educational programs that provide continuing medical education credits for physicians and nurses.
Veteran healthcare captive and professional liability insurance consultant Michael Maglaras, principal of Michael Maglaras & Company, has been retained to help refine and enhance Coverys’ large account market response internationally.
Maglaras will be working closely with Brad Lonsberry, senior vice president of custom accounts for Coverys, to capture new business and manage existing clients in the alternative and self-insured marketplace.
“I’m pleased to have Mike Maglaras on board as a consultant and senior advisor,” said Lonsberry. “Mike’s experience in large account underwriting program design and his knowledge of the captive insurance industry will be critical to achieving our goals. His understanding of emerging risks and capacity needs under accountable care and other related requirements will be of great benefit to our new and existing clients.”
Coverys, Coverys Custom Accounts, US, Michael Maglaras