Press Releases


Conventus Announces Solid Financials, Stable Growth at Annual Meeting
(Woodbridge, NJ) May 20, 2009 – Despite a very difficult economy and an extremely competitive insurance marketplace, Conventus Inter-Insurance Exchange's management team delivered positive results at the sixth Annual Members Meeting, held on May 6, 2009 in Woodbridge, New Jersey. The Conventus Board of Governors and Conventus members in attendance heard the company's management team report on Conventus' consistent growth and financial stability, both positioning the company well for long-term success and support of its members.

At  the end of 2008, Conventus' total assets stood at $73.9 million, with a total surplus of $23.8 million. Generally accepted in the insurance industry as strong indicators of financial stability, the company's Gross Written Premium to Surplus and Net Written Premium to Surplus ratios remain among the best in the state at .93 to 1 and .66 to 1 respectively at year-end 2008.  Membership also continues to grow, with 55 net new members added in 2008.  As of the end of Q1 2009, total active membership stood at 1081 physicians.

"As a physician-owned company, our first concern is always the best interests of our member-owners," said Conventus President John Karlen.  "That is why Conventus continues to execute a strategy of conservative asset management and sound underwriting. Maintaining these principals allows us to provide our members with a stable insurer exhibiting consistency and financial strength.  While the economy is experiencing tremendous difficulties, Conventus is maintaining a strong and stable company, ensuring the security of our members in the long-term."

Also during the Board Meeting, the physician chair of each of Conventus' governance committees reported on their committee's progress.  In all, almost 50 physician members actively participate in the Exchange's seven committees, which include Claims, Risk Management, Underwriting, Professional Affairs, Nominating, Executive and Audit.

About Conventus
Conventus Inter-Insurance Exchange is the only medical professional liability insurance company in New Jersey that is 100% owned and governed by its physician members. Formed in response to New Jersey’s medical professional liability insurance crisis, Conventus is a non-assessable reciprocal insurance exchange that is managed by experts in the property and casualty insurance industry. Its management team has extensive experience in medical professional liability insurance and in managing underwriting results for companies like Conventus.