What’s’ AIG, WM and LEH Got to Do with It?

Posted on October 2, 2008 by Dr. David Edward Marcinko MBA MEd CMP™

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Medical Malpractice Liability … and More

[By Staff Reporters]

With sincere apologies to Tina Turner – and perhaps more than most doctors realize – AIG, LEH and WM may indeed have something to do with “it” – when it comes to medical malpractice insurance. That is, of course, if the “it” – is your liability carrier. Why?

According to David J. Reynolds of the Dow Jones Newswires on 9/25/08, the FPIC Insurance Group www.FPIC.com recently disclosed its investment holdings in some of the financial companies hit hardest by the financial meltdown on Wall Street and in our current economic turmoil.  

The Company

FPIC Insurance Group, Inc., through its subsidiary companies, is a leading provider of medical professional liability [MPL] insurance for physicians, dentists and other healthcare providers. Its largest subsidiary, First Professionals Insurance Company [FPIC], Inc., is the largest writer of MPL insurance in Florida and has served the market for more than 30 years. Licensed in 28 states, their insurance subsidiaries currently write business in 14 states.

SEC Filings

The medical liability insurance company reported, in its filing with the Securities and Exchange Commission [SEC], that it holds securities with an amortized cost of $4.1 million in Lehman Brothers (LEH), $2.1 million in American International Group (AIG), $2.5 million in Morgan Stanley (MS), $2.1 million in Washington Mutual (WM) and $300,000 in Fannie Mae (FNM).

SEC Report

http://phx.corporate-ir.net/phoenix.zhtml?c=93296&p=irol-newsArticle&ID=1202483&highlight=

advisors

Total Assets

As of June 30, the Jacksonville, Fla., company said it had a total of $755.7 million in cash and investments.  

2007 Annual Report

http://library.corporate-ir.net/library/93/932/93296/items/287671/2007AR.pdf

Assessment

So, if you think FPIC or possibly your own medical liability carrier has not been affected by the recent stock market slump – think again. AIG, WM and LEH may just have “something to do with it”, after all!

For more analysis and story commentary, please visit:

Link: http://www.djnewsplus.com/al?rnd=AJZr27%2BhR5N7y%2BByhI1ECg%3D%3D

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Filed under: Breaking News, Insurance Matters, Professional Liability, Risk Management | Tagged: , , |

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4 Responses

  1. Becky, on March 25, 2009 at 5:35 PM said:

    Forget about AIG

    Did you know that according to Fierce HealthFinance, on March 25, 2009, and in an unprecedented show of support for hospital staffers, the heads of 13 medical departments at Beth Israel Deaconess Medical Center have agreed to donate $350,000 to help reduce the need for staff layoffs. The department heads have also put out a call to doctors affiliated with the facility asking them to donate in an effort to save jobs. Yes, it’s true!

    The department heads sent a letter out this week to about 1,100 physicians, including both those on Beth Israel Deaconess staff and in private practices affiliated with the hospital, urging them to make “as generous a contribution as possible.”

    Take that AIG! Do those in the medical profession have higher morals than those in the financial services industry?

    Becky

    Like

  2. Becky, on August 1, 2012 at 10:02 AM said:

    AIG Snaps Up Woodbury Financial

    American International Group will acquire the independent broker-dealer from the Hartford Financial Services Group.

    http://www.financial-planning.com/news/aig-acquires-broker-dealer-woodbury-financial-2680318-1.html?ET=financialplanning:e9120:2248552a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=fp_alert_073112

    Is AIG acting like a Phoenix rising?

    Becky

    Like

  4. Howard, on February 28, 2015 at 12:02 AM said:

    RIP,

    Former AIG CEO and President Robert “Bob” Benmosche died today at NYU Langone Medical Center.

    http://www.foxbusiness.com/business-leaders/2015/02/27/former-aig-ceo-bob-benmosche-loses-battle-with-cancer-dies-at-70/

    He was 70 and had undergone treatment for lung cancer since 2010.

    Howard

    Like

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