West Virginia Mutual Gets New Leader and Excellent Rating
/PRNewswire/ -- West Virginia Mutual Insurance Company is entering a new phase of its operations with a change in leadership. The company also has received a high rating for its financial strength.R. Austin Wallace, M.D., has taken over as president and chief executive officer from David Rader, who had led the company since its inception in 2004 as a physician-run malpractice insurer owned by its policyholders. Wallace has served on the Mutual's board of directors from its beginning, first as vice chairman from 2004 to 2009 and as its chairman from 2009 to the present.
"It is an honor for me to take this position as the head of this company that has done so much to stabilize the malpractice insurance market in West Virginia," Wallace said. "A decade ago, West Virginia was the worst state for malpractice insurance, and physicians were leaving the state. But now, West Virginia is attracting physicians, and the Mutual has played a key role in that turnaround."
It is not unusual for a physician like Wallace to take charge of such a mutual insurance company that is owned by the physicians it serves. The Mutual always was meant to be run by physicians, and this is just the next phase in that development. Rader was recruited to serve as the company's initial leader because of his insurance industry experience, especially with start-up medical liability companies in several states.
The Legislature helped create the West Virginia Mutual as part of a 2003 package of medical liability reforms. The company took over coverage of about 1,400 physicians from the state-run Board of Risk and Insurance Management, which used as a stopgap means of covering physicians after a few big commercial insurance companies decided to pull out of malpractice coverage in the state.
The most recent testament to the West Virginia Mutual's success has come in the latest ratings from A.M. Best Co., the world's oldest and most authoritative insurance rating and information source. A.M. Best assigned a financial strength rating of A- "Excellent" with a "stable" outlook.
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Complementing these are West Virginia's energy and workers' compensation costs, which are lower than Ohio's or Pennsylvania's, he said. Both those states also owe a combined $5.5 billion from federal loans required to keep unemployment benefits flowing
By West Virginia Mutual Insurance Company CHARLESTON, W.Va., Jan. 24, 2012 -- /PRNewswire/ -- West Virginia Mutual Insurance Company is entering a new phase of its operations with a change in leadership. The company also has received a high rating for
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