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Conventus Announces Continued Growth, Solid Financials at Annual Meeting
(Woodbridge, NJ) May 22, 2008 – The management of Conventus Inter-Insurance Exchange delivered good news at its fifth Annual Members Meeting, held on May 7, 2008 in Woodbridge, New Jersey. Conventus members in attendance heard the company’s management team present an encouraging report on Conventus’ continued growth, strong financial footing and excellent outlook for the future. There were also updates on the company’s continuing sales, marketing and risk management efforts. As of the end 2007, Conventus’ total assets stood at $84.8M, with a total surplus of $26.3M. 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 .81 to 1 and .71 to 1 respectively at year-end 2007. Membership also continues to grow, with 220 new members added in 2007. As of the end of Q1 2008, total active membership stood at 1,026 physicians. “We hope Conventus members are as proud as we are of the results for 2007 and the first quarter of 2008,” said Conventus President John Karlen. “At a time when there is still so much uncertainty in the New Jersey medical professional liability insurance marketplace, our members can be confident that Conventus is financially strong, getting stronger every year, and that we are committed to our conservative, long-term approach to admissions and operations. And as a New Jersey company that serves only New Jersey private practice physicians, they can also have the peace of mind to know that Conventus is not going anywhere.” At the Board Meeting, the physician chair of each of Conventus’ governance committees reported on their committee’s progress. In all, nearly 40 physician members actively participate on one or more of the Exchange’s seven committees, which include Claims, Risk Management, Underwriting, Professional Affairs, Nominating, Executive and Audit. “Conventus remains true to its mission of working in partnership with its physician members,” Karlen said. “From peer reviewing claims to providing underwriting guidance to helping develop the risk management program, Conventus physician members are crucial to the development and continual improvement of the Exchange. It is what makes Conventus so unique in New Jersey, and so successful. And why Conventus members can be so confident that the company will always have their best interests as its highest priority.” 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.
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