Contact Information: Media contact: Mechlin Moore MDM Communications 239-777-1595 Email Contact
Ponce de Leon Risk Retention Group Lowers per Bed Stock Purchase Price
| Source: Ponce de Leon LTC RRG, Inc.
TALLAHASSEE, FL -- (MARKET WIRE) -- April 3, 2007 -- Ponce de Leon LTC RRG, Inc., a market
leader in liability insurance for Florida long-term care facilities, has
cut the price of stock from $65 per licensed bed for nursing homes to $33,
Edwin D. Taylor, Board Chairman, announced.
Ponce de Leon was formed four years ago to meet the critical need for
liability insurance to cover long-term care facilities in Florida when
traditional carriers were withdrawing from the market or pricing coverage
beyond the reach of most nursing home operators.
Today, Ponce de Leon has grown into a major provider of general and
professional liability insurance to Florida's long-term care industry. The
Company now insures some 700 facilities in the State.
"The Board approved the lower cost of stock to make our comprehensive
coverage available to more nursing home operators who still find it
prohibitive to obtain insurance from traditional carriers," Taylor
explained. He pointed out that, "Skilled Nursing Facilities are required
under state law to have liability insurance, yet they continue to find it
difficult to obtain in today's market."
Facilities seeking coverage from Ponce de Leon must become shareholders.
The Company was formed under the Federal Liability Risk Retention Act of
1981, amended in 1986. It was capitalized by shareholders with assistance
from the State in the form of a Surplus Note provided by the Florida Agency
for Health Care Administration.
"Ponce de Leon has operated with a low loss ratio as a result of diligent
underwriting, professional risk management, and aggressive defense against
unfair claims," Taylor said. "With our new lower entry cost of $33 per bed,
we will be able to serve more nursing homes that will benefit from our
comprehensive program." The rate of $33 per bed for stock purchase will
apply to Skilled Nursing Facilities and Assisted Living/Independent Living
Facilities.
Information on how to join the Risk Retention Group can be obtained from
Nadeene Wood-Clater, Senior Vice President-Marketing
(nwoodclater@uni-ter.com); or Sharon Lanier, Senior Underwriter
(slanier@uni-ter.com). The Uni-Ter Group of Atlanta, GA, is the
Administrator of Ponce de Leon LTC RRG, Inc.