Conventus Inter-Insurance Exchange, New Jersey’s premier professional liability insurer formed by and governed through an alliance of independent physicians, is pleased to announce that it will be distributing dividends and capital returns to member owners for the eighth consecutive year. Since 2009, Conventus has distributed almost $13 Million in total to qualified physician members and/or their representatives through the Conventus Owner Benefit Plan (COBP).
The COBP was created to reward member owners for their loyalty and financial commitment by letting them share in company profits. With the approval of the New Jersey Department of Banking and Insurance, Conventus distributes dividends and returns of owner capital contributions to qualified members whenever profits reach specified thresholds.
“Being able to distribute dividends and capital returns for eight straight years is one more indication of the company’s financial strength and stability,” said Conventus President Lyn Winters. “We are extremely proud of this accomplishment. Our member owners count on Conventus for conservative, responsible management that puts their best interests first. The Conventus Owner Benefit Plan is a concrete example of the success of that management approach.”
Conventus was formed in December 2002 in response to a medical professional liability insurance crisis in New Jersey. It is 100% owned by its physician members and is governed by a 15-member board made up entirely of physicians. Since its inception in 2002, Conventus has grown significantly, with membership now almost 1,200 physician owners. The company’s balance sheet continues to strengthen as membership grows, as evidenced by the fact that Demotech, Inc. recently upgraded the Financial Stability Rating®
(FSR) assigned to Conventus to Aʹʹ (A Double Prime), Unsurpassed
, Demotech’s highest FSR.
About Conventus Inter-Insurance Exchange
As New Jersey’s premier professional liability insurer formed by and governed through an alliance of physicians, Conventus is devoted to serving the best interests of independent physician practices. Conventus members and their staff enjoy exclusive access to insurance products and highly personalized services, gaining the practical knowledge and expert resources they need to improve practice performance, better serve their patients, and remain independent. The Conventus team prides itself on being forward lookers and solution partners whose sole purpose is to help independent physician practices thrive in today’s rapidly changing healthcare environment. Learn more at www.conventusnj.com
Follow Conventus on Twitter @ConventusNJ and LinkedIn at Conventus Inter-Insurance Exchange