Florida-based MedMal Direct Insurance has entered into a new reinsurance treaty with a panel of international reinsurers including Lloyd's of London and Bermuda based companies.
The reinsurance program for MedMal Direct has been created with the guidance and creativity of Lockton Re, an international insurance and reinsurance intermediary.
MedMal said through this treaty, physicians in Florida can now secure medical professional liability limits of up to $1m/$3m from the only carrier in the state to exclusively offer its policies on a direct-written basis.
MedMal Direct claimed that it is the only medical professional liability insurer in Florida that does not use independent agents or brokers, enabling it to offer all physician practices significant savings on their premiums by buying direct.
MedMal Direct president Tim Bone said that this is another step towards building the most dynamic company in the Florida medical malpractice marketplace and another milestone towards the commitment to Florida’s physicians.