Woodworth Malpractice Insurer Records $5 Million in Capital/Surplus
PEARL RIVER, NY, Sep 30, 2008 (MARKET WIRE via COMTEX) — J. M. Woodworth RRG, Inc. (JMW), the Risk Retention Group launched two years ago to provide medical malpractice insurance to physicians and surgeons in New York State, now has capital and surplus of more than $5 million, Sanford Elsass, President/CEO-Underwriting Manager, announced.
“With more than 300 insured doctors and a solid capital base, Woodworth has established a strong presence in New York as a financially secure alternative to the prohibitively priced coverage offered by the failing major carriers,” Elsass said. The Company also recently opened for business in nearby Connecticut, New Jersey, and Massachusetts.
“Woodworth also is being accepted by a growing number of hospitals and medical centers as an approved carrier for physicians and surgeons practicing at their institutions,” Elsass reported. “More and more hospitals are realizing that Woodworth’s comprehensive coverage and professional risk management services, along with attention to the detailed needs of hospitals and doctors, provide the secure protection the institutions want at an affordable cost to the doctors.”
In considering risk retention groups as acceptable liability insurers, many hospitals consider $5 million in capital/surplus as a benchmark for financial security. Woodworth carries a Financial Stability Rating of “A Exceptional” by Demotech, Inc., a leading rating agency. JMW policies are reinsured by companies with “A” ratings from A.M. Best. The Company’s investment strategy is conservative with all assets held in cash or invested in AAA-rated, investment-grade bonds and U.S. government obligations.