Issue link: https://nebusinessmedia.uberflip.com/i/1511162
HARTFORDBUSINESS.COM | NOVEMBER 13, 2023 11 BUSINESS STRATEGY million in direct written premiums in 2022. Dr. Gregory Shangold is the president of Northeast Emergency Medicine Specialists, a group of ER doctors based in Willimantic. His physician group, which sees about 160,000 emergency patients per year, pays about $650,000 annually for its medical malpractice insurance, Shangold said. It's a significant expense, Shangold said, although his rates haven't increased during the last five years. But that could change, he said, as we move further away from the pandemic, which held up court dockets and delayed jury trials. "No matter how careful we are, malpractice cases are inevitable," said Shangold, who is the immediate past president of the Connecticut State Medical Society. "Many of them are not meritorious and arise from bad outcomes, or patients with comorbidities who have bad outcomes. Even when a doctor makes reasonable decisions, bad things can happen." Poor decisions can be less expensive for doctors in Florida, where Gallant said cases are more likely to settle for policy limits of around $250,000. By expanding to the Sunshine State, Integris can sell policies with lower limits, at a lower price. There has been significant health- care industry consolidation over the last five-plus years, which has put pressure on malpractice insurers to keep prices stable, Gallant said. "We have probably the best health care in the country," he said. "But at the same time, it's a very difficult environment for folks to be practicing." LARGEST MEDICAL MALPRACTICE INSURERS IN CT INSURER HQ Direct written premiums (2022) MCIC Vermont Vermont $129,217,129 Integris Ins. Co. Connecticut $21,211,356 Proselect Ins. Co. Nebraska $19,074,981 Continental Cas Co. Illinois $7,371,349 National Fire & Marine Ins. Co. Nebraska $6,814,846 Coverys Specialty Ins Co New Jersey $5,832,066 MedPro RRG Washington D.C. $4,933,429 Source: CT Medical Malpractice Report/CT Insurance Dept. Stephen J. Gallant in Integris Group's Glastonbury boardroom. HBJ PHOTO | STEVE LASCHEVER TOTAL PROJECT SIZE: 25,000 SF Building For Your Success ABLE COIL BOLTON, CT For over 55 years, metal buildings have been a staple of PDS. For this project, we were tasked by Able Coil to build a new state of the art pre-engineered metal office building and renovate their existing 20,000 square foot building into a new manufacturing facility in Bolton CT. Complete with multiple new offices and several specialty rooms, the exterior finish is a multifaceted design complete with Nichiha Vintage Cement siding and ACM paneling, full length store front windows and stone veneer. Structural upgrades to the existing building were necessary to bring it up to code and to support the new solar panel system. With in-house engineering, PDS can design the right building to fit your budget and timeline. SPOTLIGHT ON: PRE-ENGINEERED METAL BUILDINGS 107 Old Windsor Road, Bloomfield, CT 06002 | 860.242.8586 | pdsec.com THINK • PLAN • BUILD CONSTRUCTING EXCELLENCE