For Ninth Consecutive Year, Conventus Distributes Dividends and Capital Returns to Member Owners through Owner Benefit Plan
WOODBRIDGE, N.J., Dec. 7, 2018
WOODBRIDGE, N.J., Dec. 7, 2018 /PRNewswire-PRWeb/ -- Conventus Inter-Insurance Exchange, New Jersey's premier professional liability insurer formed by and governed through an alliance of independent physicians, is pleased to announce that it is distributing dividends and capital returns to member owners for the ninth consecutive year. Since 2009, Conventus has distributed more than $13.6 Million in total to qualified physician members and/or their representatives through the Conventus Owner Benefit Plan (COBP).
The COBP was created to reward member owners for their loyalty and financial commitment by letting them share in company profits. With the approval of the New Jersey Department of Banking and Insurance, Conventus distributes dividends and returns of owner capital contributions to qualified members whenever profits reach specified thresholds.
"Being able to distribute dividends and capital returns for nine straight years is very gratifying to everyone here at Conventus," said Conventus President Lyn Winters. "We are extremely proud of this accomplishment because it is another indication of the company's financial strength and stability, and the success of our conservative, responsible management approach."
Conventus was formed in December 2002 in response to a medical professional liability insurance crisis in New Jersey. It is 100% owned by its physician members and is governed by a 15-member board made up entirely of practicing physicians. Since its inception in 2002, Conventus membership has grown to more than 1,100 physician owners and its financial strength has improved each year. Last year, Demotech, Inc. upgraded the Financial Stability Rating® (FSR) assigned to Conventus to Aʹʹ (A Double Prime), Unsurpassed, Demotech's highest FSR.
About Conventus Inter-Insurance Exchange
As New Jersey's premier professional liability insurer formed by and governed through an alliance of physicians, Conventus is devoted to serving the best interests of independent physician practices. Conventus members and their staff enjoy exclusive access to insurance products and highly personalized services, gaining the practical knowledge and expert resources they need to improve practice performance, better serve their patients, and remain independent. The Conventus team prides itself on being forward lookers and solution partners whose sole purpose is to help independent physician practices thrive in today's rapidly changing healthcare environment. Learn more at http://www.conventusnj.com or call (877) 444-0484, x7466.
About Demotech, Inc.
Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers. Demotech's philosophy is to review and evaluate insurers based on their area of focus and execution of their business model, rather than solely on financial size. Visit http://www.demotech.com for more information.
SOURCE Conventus Inter-Insurance Exchange