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Woodworth Malpractice Insurer Records $5 Million in Capital/Surplus
| Source: J.M. Woodworth RRG, Inc.
PEARL RIVER, NY--(Marketwire - September 30, 2008) - 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.