Jacksonville-based MedMal Direct Insurance Company has officially launched operations as a medical malpractice insurance company in Florida.
According to MedMal Direct, it will provide medical malpractice insurance directly to the physician community without use of insurance agents or brokers. It has received its certificate of authority from the Florida Office of Insurance Regulation last week.
The new firm’s medical malpractice insurance product will have same features and will provide same coverage as those currently being offered in the market through brokerage system.
The founders of the company include: Carter Bryan, chairman of the board, Butler Ball, CEO, Timothy Bone, president, and Michael Wallace, COO and CFO.
Mr Ball said: “By using the direct-write distribution model, we are able to pass on the savings to the physician. Because of the commoditized nature of the product, it is simply more efficient for the physician to purchase directly from the company.
MedMal Direct expects to save Florida physicians an average of 20% on their premiums at a time when their bottom line is under pressure from the economic downturn and the expected reduction in Medicare and Medicaid reimbursements.