At the October 31 meeting of the AMS Board of Trustees, the Board approved a new “exclusive sponsorship” agreement with State Volunteer Mutual Insurance Company. The AMS requested proposals from five of the major medical malpractice carriers in the state, received proposals from three of those carriers and selected SVMIC who submitted a proposal that was substantially superior to the competitors.
This endorsement solidifies a relationship that has been building for 25 years. SVMIC is the state’s largest writer of physician coverage with over $1 billion in assets and $500 million in reserve. Over the past 25 years SVMIC has contributed over $455,000 to support AMS and its related programs; placed three Arkansas physicians on their Board of Directors; utilizes a nine-member Arkansas physician advisory committee to review claims and make underwriting decisions; and returned over $13.5 million to Arkansas physicians in the form of dividends. SVMIC is a physician owned and physician managed professional liability carrier headquartered in Tennessee. Arkansas premium rates are based 100% on actual loss and expense data from Arkansas policyholders.
SVMIC will work together with AMS and AMS Benefits, Inc. to bring value added services to Arkansas physicians including practice management support and a variety of insurance products. In return, the carrier will be considered an exclusive sponsor of AMS with exclusive rights to promote its professional liability product in AMS publications (print and web-based), trade shows, and other AMS events.