Ct Healthmarket via BizWire
08-27-2003, 02:10 PM
LOS ANGELES--(BUSINESS WIRE)--Aug. 27, 2003--SCPIE Holdings Inc.
(NYSE:SKP), and its subsidiaries SCPIE Indemnity Company and American
Healthcare Indemnity Company, today announced that the California
Insurance Commissioner has approved a 9.9% increase in their 2003
California medical malpractice insurance rates.
SCPIE's annual rate filing, submitted to the California Department
of Insurance in September 2002, requested a 15.6% rate increase for
physician insureds in California. The Foundation for Taxpayer &
Consumer Rights challenged this increase, as allowed under Proposition
103.
In approving the rate adjustment, the Insurance Commissioner
upheld the ruling of an administrative law judge who presided over the
hearing. With this approval, the company also announced plans to
implement the rate increase in the fourth quarter of this year,
pending appeals.
"While we are pleased that a decision has been rendered, we still
believe our initial request was both warranted and justified," said
Donald J. Zuk, SCPIE President and Chief Executive Officer.
SCPIE Holdings Inc. is a leading provider of healthcare liability
insurance for physicians, oral and maxillofacial surgeons, and other
healthcare providers, as well as medical groups and healthcare
facilities. Since the company was founded in 1976, it has carved out a
significant niche in the insurance industry by providing innovative
products and services specifically for the healthcare community.
In addition to historical information, this news release contains
forward-looking statements that are based upon the company's estimates
and expectations concerning future events and are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those reflected in the forward-looking statements.
Actuarial estimates of losses and loss expenses and expectations
concerning the company's ability to retain current insureds at
profitable levels, successful withdrawal from the assumed reinsurance
business, obtaining necessary rate change regulatory approvals, and
expansion of liability insurance business in its principal market are
dependent upon a variety of factors, including future economic,
competitive and market conditions, frequency and severity of
catastrophic events, future legislative and regulatory changes,
uncertainties of success and potential delays in contested rate
approval proceedings, including appellate proceedings, the level of
ratings from recognized rating services, the inherent uncertainty of
loss and loss expense estimates, and the cyclical nature of the
property and casualty industry, all of which are difficult or
impossible to predict accurately and many of which are beyond the
control of the company. In light of the significant uncertainties
inherent in the forward-looking information herein, the inclusion of
such information should not be regarded as representation by the
company or any other person that the company's objectives or plans
will be realized.
(NYSE:SKP), and its subsidiaries SCPIE Indemnity Company and American
Healthcare Indemnity Company, today announced that the California
Insurance Commissioner has approved a 9.9% increase in their 2003
California medical malpractice insurance rates.
SCPIE's annual rate filing, submitted to the California Department
of Insurance in September 2002, requested a 15.6% rate increase for
physician insureds in California. The Foundation for Taxpayer &
Consumer Rights challenged this increase, as allowed under Proposition
103.
In approving the rate adjustment, the Insurance Commissioner
upheld the ruling of an administrative law judge who presided over the
hearing. With this approval, the company also announced plans to
implement the rate increase in the fourth quarter of this year,
pending appeals.
"While we are pleased that a decision has been rendered, we still
believe our initial request was both warranted and justified," said
Donald J. Zuk, SCPIE President and Chief Executive Officer.
SCPIE Holdings Inc. is a leading provider of healthcare liability
insurance for physicians, oral and maxillofacial surgeons, and other
healthcare providers, as well as medical groups and healthcare
facilities. Since the company was founded in 1976, it has carved out a
significant niche in the insurance industry by providing innovative
products and services specifically for the healthcare community.
In addition to historical information, this news release contains
forward-looking statements that are based upon the company's estimates
and expectations concerning future events and are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those reflected in the forward-looking statements.
Actuarial estimates of losses and loss expenses and expectations
concerning the company's ability to retain current insureds at
profitable levels, successful withdrawal from the assumed reinsurance
business, obtaining necessary rate change regulatory approvals, and
expansion of liability insurance business in its principal market are
dependent upon a variety of factors, including future economic,
competitive and market conditions, frequency and severity of
catastrophic events, future legislative and regulatory changes,
uncertainties of success and potential delays in contested rate
approval proceedings, including appellate proceedings, the level of
ratings from recognized rating services, the inherent uncertainty of
loss and loss expense estimates, and the cyclical nature of the
property and casualty industry, all of which are difficult or
impossible to predict accurately and many of which are beyond the
control of the company. In light of the significant uncertainties
inherent in the forward-looking information herein, the inclusion of
such information should not be regarded as representation by the
company or any other person that the company's objectives or plans
will be realized.
