Physicians Insurance

What Physicians Insurance does

Physicians Insurance A Mutual Company is a Seattle-based mutual insurance company founded in 1981 by physicians in partnership with the Washington State Medical Association. Operating for 45 years, it provides specialized liability and risk-transfer products to over 8,500 Members nationwide, including individual physicians, physician groups, practices, clinics, hospitals of 250 beds or less, and community health centers. The company holds an A- (Excellent) financial stability rating from AM Best, reports $279M in policyholder surplus, and returned more than $105M in dividends to Members in 2025.

The product portfolio comprises six insurance lines anchored by Medical Professional Liability (MPL) and extended into Hospital Professional Liability (HPL), Community Health Center Professional Liability, a modular Management Liability policy (D&O, EPL, Fiduciary), Breach Response cyber coverage, and a multi-pronged Stop Loss line (Employer Medical Stop Loss, Health Plan Reinsurance, Provider Excess, Bundled Payments). Underlying technology consists of two proprietary HITRUST CSF Certified systems: eOasis (policy and claims administration) and Perceptive Content (content management and workflow). Members access risk management resources including 235+ accredited continuing education courses, 214+ guidance documents, the Risk Factors and Trial Takeaways webinar series, the Breach Solutions Cyber Center, HR Hero (BLR), a Self-guided Risk Assessment Toolkit, and peer-to-peer physician-driven litigation support. Notable differentiators include a 92.3% public-trial win rate over the past decade, dedicated Claims Consultant model with defense costs outside policy limits, and consent-to-settle rights.

Revenue is generated through subscription-recurring insurance premiums priced on a quote basis across all product lines except Stop Loss (usage-based with deductibles $50K-$500K+ and limits $1M-unlimited). Billing supports monthly installments (with a 2.5% service charge), quarterly, semi-annual, or annual cadence. Gross Written Premium reached $205M in FY2025, with $160M in claims incurred, $706K net income, and a 0.5:1 Premium-to-Surplus ratio. Distribution combines a broker channel (Broker Essentials program), direct inside-sales via toll-free phone, email, and online application submission, supported by digital self-service through the Member Hub portal. The mutual ownership model, with bylaws guaranteeing physician representation on the Board of Directors, aligns carrier incentives with member outcomes and is reinforced by long-tenured partnerships with state hospital and medical associations across Washington, Oregon, Idaho, Alaska, and California.

Name

Physicians Insurance

Legal name

Physicians Insurance A Mutual Company

Website

https://phyins.com

Company type

Private

Founded year

1981

Operating status

Operating

Headcount range

101–250 employees

Short description

Physicians Insurance A Mutual Company is a Seattle-based mutual insurer providing medical professional liability, hospital, community health center, management liability, cyber, and stop loss coverage to over 8,500 physicians, hospitals, and healthcare organizations across the United States, anchored in the Pacific Northwest.

Ownership category

akta.pro rank

Product category

Medical Professional Liability Insurance

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412), Direct Property and Casualty Insurance Carriers (524126)

SIC

Fire, Marine & Casualty Insurance (6331), Accident & Health Insurance (6321)

akta.pro primary industry

Medical Malpractice Liability (FSAJADAK)

akta.pro secondary industry

Professional Liability (E&O) (FSAJAGAC)

Keywords

• Medical professional liability
• Healthcare liability insurance
• Stop loss insurance
• Cyber breach coverage
• Risk management services

Headquarters

HQ city

Seattle

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Medical Professional Liability (MPL) Premiums: Annual or installment malpractice insurance premiums for over 8,500 physicians, physician groups, practices, and clinics. Coverage includes MPL, Peer Review Liability, Criminal Defense Reimbursement, HIPAA defense cost reimbursement, and disciplinary proceedings defense. Defense costs are outside the limits of liability.
2. Hospital Professional Liability (HPL) Premiums: Premiums for Healthcare Facility Professional Liability, General Liability, Employee Benefits Liability, and Excess Liability coverage for hospitals of 250 beds or less, bundled with risk management and peer support.
3. Community Health Center (CHC) Professional Liability Premiums: FTCA wrap coverage and other liability premiums for community health centers, including Peer Review Liability, Defense Cost Reimbursement, Medical Expense Coverage, and blanket coverage for FTCA-deemed providers.
4. Management Liability Premiums: Flexible, modular three-part policy combining Directors & Officers, Employment Practices Liability, and Fiduciary Liability coverage, sold to healthcare practices and facilities. Sold via direct application submission.
5. Breach Response (Cyber) Premiums: Cyber insurance premiums covering first-party losses (business interruption, cyber extortion, data recovery, reputational), third-party liability (data/network liability, regulatory defense, payment card liability, media liability), and eCrime. Claims and breach response services handled by Beazley USA Services.
6. Stop Loss Premiums: Employer Medical Stop Loss, Health Plan Reinsurance, Provider Excess, and Bundled Payments reinsurance premiums for self-funded employers, health plans, and providers in risk-based contracts. Pricing varies by deductible, contract claims base (e.g., 12/12, 12/15, 12/18, 12/24, 15/12, 24/12, PAID), and coverage limits ($1M to unlimited).

Pricing tiers

Go-to-market motion5 records

Distribution channels4 records

Marketing channels11 records

Core offering

Physicians Insurance A Mutual Company is a national boutique mutual insurance company that underwrites and services medical professional liability (MPL), hospital professional liability (HPL), community health center (CHC) professional liability, modular management liability, breach response/cyber, and stop loss coverage for more than 8,500 healthcare Members. Coverage is paired with in-house claims administration, member-driven litigation defense (defense costs outside policy limits), and proactive risk management including risk consultation, assessments, accredited education, peer support, and underwriting expertise. The mutual ownership model aligns the carrier's interests with Member policyholders and returns value through dividends.

Product overview

Physicians Insurance A Mutual Company is a national boutique mutual insurance company offering a portfolio of medical professional liability and adjacent insurance coverages supported by member-facing risk management, claims, underwriting, and educational services. The product portfolio is structured as a platform-plus-modules architecture: the core underwriting platform comprises six insurance lines — Medical Professional Liability (MPL), Hospital Professional Liability (HPL), Community Health Center Professional Liability, a modular Management Liability policy (Directors & Officers, Employment Practices Liability, and Fiduciary Liability), Breach Response cyber coverage, and a multi-pronged Stop Loss line (Employer Medical Stop Loss, Health Plan Reinsurance, Provider Excess, and Bundled Payments). These are wrapped by three service layers — Claims Services (with member-driven litigation defense and a 96%+ jury defense verdict win rate over the past 10 years), Risk Management / Risk Mitigation (consultation, assessment, education, Relias, ECRI, mentorship, simulation), and Underwriting — and reinforced by an Education Library (250+ accredited courses), Resource Library, Risk Factors and Trial Takeaways webinar series, the Cyber Center (built on Breach Solutions), HR Hero (BLR), and a Self-guided Risk Assessment Toolkit. Together, these offerings support more than 8,500 Members nationwide with an A- (Excellent) AM Best rating and $279M policyholder surplus.

Differentiator

Problem solved

Functional benefit

Products and services

• Medical Professional Liability (MPL) Insurance Malpractice and professional liability coverage for physicians, physician groups, practices, and clinics covering direct patient treatment, vicarious liability, Peer Review Liability, HIPAA defense cost reimbursement, disciplinary proceeding defense, trial attendance reimbursement, breach response, and defense costs outside policy limits. For physicians, physician groups, practices, and clinics.
• Hospital Professional Liability (HPL) Insurance Bundled professional, general, and employee benefits liability plus excess liability coverage for hospitals of 250 beds or less, paired with proactive risk management and peer-support claims services. For small and mid-sized hospitals.
• Community Health Center Professional Liability Insurance Liability coverage for community health centers including FTCA wrap coverage for deemed providers, Peer Review Liability, defense cost reimbursement for disciplinary proceedings, and Medical Expense Coverage with no deductible. For Federally Qualified Health Centers and other CHCs.
• Management Liability Insurance Modular three-part policy combining Directors & Officers Liability, Employment Practices Liability, and Fiduciary Liability for healthcare practices and facilities, with HIPAA/EMTALA/IRS Excess Benefits Transactions Tax, antitrust violations, regulatory wrongful acts, and derivative demand coverage. Bundles the HR Hero compliance portal. For healthcare organization management.
• Breach Response (Cyber) Insurance Cyber insurance covering first-party losses (business interruption, cyber extortion, data recovery, reputational), third-party liability (data/network, regulatory defense, payment card, media), and eCrime (fraudulent instruction, funds transfer fraud, telephone fraud). Claims and breach response services delivered through partner Beazley USA Services. For healthcare organizations facing cyber risk.
• Stop Loss Insurance Stop loss insurance comprising Employer Medical Stop Loss, Health Plan Reinsurance, Provider Excess, and Bundled Payments reinsurance for self-funded employers, health plans, and providers in risk-based contracts, with deductibles from $50,000 to $500,000+ and limits from $1M to unlimited. For self-funded employers, health plans, and risk-bearing providers.
• Claims and Litigation Defense Services End-to-end claims administration and litigation defense including no-penalty incident reporting, defense costs outside policy limits, vigorous defense of non-meritorious claims, member-driven settlement decisions, dedicated Claims Consultant, peer support from physician peers, privileged coaching/counseling, and a Claims & Policyholder Committee for the most serious cases. 96%+ jury defense verdict win rate over the past 10 years. For Members facing malpractice claims.
• Risk Management and Risk Mitigation Services Risk management practice offering phone/email risk consultation, annual Risk Reviews, in-depth Risk Assessments across 19+ specialty areas, live and online risk education, Relias Clinical Solutions proficiency-based curricula, complimentary ECRI subscription for hospital Members, Risk Mentorship Program, and on-site Simulation training. For healthcare Members across all product lines.
• Underwriting Services Bespoke underwriting with broad policy form coverage (automatic locum tenens, peer review liability, telemedicine, disciplinary board, Criminal Defense Reimbursement), administrative ease for roster management and credentialing, and long-term stability through the mutual structure. For physicians, practices, hospitals, CHCs, and healthcare organizations seeking tailored coverage.

Quantifiable outcome

• 92.3% public-trial win rate over the previous 10 years
• +5 more outcomes

Named customers5 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature5 records

Partnerships

17 partnerships are on record, tiered core and moderate.

• Beazley USA Services (a member of Beazley Group)coreTechnology or IntegrationProvides claims handling and breach response services for Physicians Insurance's Breach Response product covering first-party losses (business interruption, cyber extortion, data recovery, reputational), third-party liability (data/network liability, regulatory defense, payment card liability, media liability), and eCrime (fraudulent instruction, funds transfer fraud, telephone fraud, criminal reward). Beazley USA Services does not underwrite insurance for Physicians Insurance Cyber 0122; policies remain subject to Physicians Insurance's underwriting processes.
• ECRIcoreTechnology or IntegrationHospital members receive a complimentary subscription to ECRI, a database of evidence-based best-practice tools and resources including self-assessment tools, webinars, guidance, and sample policies. Outpatient members receive a complimentary newsletter focused on emerging trends in patient safety, quality, and risk management. ECRI also co-presents content in webinars (e.g., diagnostic test tracking, medication safety).
• Relias Clinical SolutionscoreTechnology or IntegrationOnline learning platform offering proficiency-based curriculum for Emergency Medicine and Obstetrics specialties, with time-efficient team-based learning, consistent curriculum, and data analytics/benchmarking capabilities for members that opt in.
• PYA (Pershing Yoakley & Associates)coreImplementation/ SI/ Consulting PartnerValued partner providing practice and facility management guidance, webinars, and insights on practice-management topics including compliance, reimbursement, and compensation. Accessible to members via the "PYA Resources" link in the Risk Management section.
• HR Hero (Business & Legal Reports / BLR)coreTechnology or IntegrationOnline portal delivering employee handbooks, checklists, and staff training to mitigate employment-related risks, offered as a member resource and integrated into the Employment Practices Liability coverage under Management Liability.
• Breach Solutions (via Beazley)coreTechnology or IntegrationPlatform provider powering the Cyber Center experience for Physicians Insurance members, including staff training modules, sample policies, risk-assessment resources, team training, phishing simulator, and incident response tools.
• Washington State Medical Association (WSMA)coreStrategic or Co-development PartnerCo-founding partner (then known as Washington State Physicians Insurance Exchange). In January 1982, WSMA teamed up with individual physicians who wrote personal checks and together they provided $2.4 million in loans to start Physicians Insurance. WSMA CEO Jennifer Hanscom continues to serve on the Physicians Insurance Board of Directors.
• Medical Professional Liability Association (MPL Association)moderateGTM or Marketing PartnerIndustry trade association where Physicians Insurance in-house lobbyist Anne Bryant serves as Chair of the Government Relations Committee. The partnership informs advocacy positions on health care liability reform, insurance, and patient safety legislation.
• MDReview (a Hardenbergh Company)moderateImplementation/ SI/ Consulting PartnerCo-presenter in the Peer Review for Patient Safety webinar, with Brock Bordelon, MD and Sara Cameron from MDReview discussing modern peer review processes for outpatient practices and hospitals.
• Mullin, Allen & Steiner PLLCmoderateImplementation/ SI/ Consulting PartnerJustin Steiner, JD of Mullin, Allen & Steiner PLLC presented alongside VP of Risk Management Anne Flitcroft in the "Artificial Intelligence and Employment Considerations" Risk Factors webinar, discussing challenges, benefits, and best practices for AI in the workplace.
• Keating Jones Hughes, P.C.moderateImplementation/ SI/ Consulting PartnerAttorney Peter D. Eidenberg of Keating Jones Hughes, P.C. presented the live "Protecting Patients and Providers: Strategies for Preventing Sexual Misconduct" Risk Factors webinar on May 20, 2025.
• Morgan, Lewis & Bockius LLPmoderateImplementation/ SI/ Consulting PartnerAmy M. Magnano, JD, Partner at Morgan, Lewis & Bockius LLP presented the EHR Conversion Pitfalls and Risk Mitigation Strategies webinar covering data ingestion risks, provider onboarding, and policy development.
• Bennet Bigelow & Leedom, P.S.moderateImplementation/ SI/ Consulting PartnerRhianna M. Fronapfel, JD, Attorney/Director at Bennet Bigelow & Leedom, P.S. presented the "Make Your Chart Lawyer Proof: A View from the Courtroom on Medical Documentation" member-resource webinar.
• Diversion SpecialistsmoderateImplementation/ SI/ Consulting PartnerNational specialist Kim New, founder of Diversion Specialists, presented alongside VP of Risk Management Anne Flitcroft in the "Simple Steps to Prevent Drug Diversion and Improve Patient and Staff Safety" webinar (originally April 23, 2024).
• Institute for Safe Medication Practices (ISMP), An ECRI CompanymoderateImplementation/ SI/ Consulting PartnerCo-presenter in the "Safer Healthcare: Putting Medication Safety in Action" Risk Factors webinar, with Jana O'Hara of ISMP discussing ISMP guidelines and informed consent practices.
• University of North Carolina HealthmoderateImplementation/ SI/ Consulting PartnerStephenie Fenton-Wilhelm, JD, VP of Risk Management at University of North Carolina Health presented the "Running on Empty: Navigating Medication and Supply Shortages in Healthcare" Risk Factors webinar.
• Seattle Children's HospitalmoderateImplementation/ SI/ Consulting PartnerLauren Huxtable, Director, Behavioral Support Service at Seattle Children's Hospital co-presented the "Ready to Respond: Strengthening Team Safety and Violence Prevention in Healthcare" Risk Factors webinar (broadcast May 19, 2026) with SVP of Risk Management Anne Flitcroft.

Scale indicators16 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Tokio Marine HCC: Specialty insurance group within Tokio Marine that writes medical malpractice and healthcare liability among other professional and casualty lines. Overlaps with Physicians Insurance in MPL and healthcare liability but spans a much broader specialty book.
• Chubb: Global property and casualty insurer writing professional liability including medical malpractice for physicians and healthcare organizations. Comparable in MPL products but with substantially greater scale, distribution, and product breadth.
• CNA Financial: Large national commercial property and casualty carrier that writes medical professional liability as part of a broader specialty portfolio. Comparable in MPL and healthcare liability products but operates at significantly greater scale and product breadth.

Direct peers

• Coverys: Medical professional liability carrier (mutual) serving physicians, hospitals, and healthcare systems. Directly comparable in MPL, risk management, and member-defense services for mid-sized healthcare organizations.
• MagMutual: Physician-led MPL mutual offering medical professional liability, hospital professional liability, and risk management services. Closely comparable in mutual structure, member-aligned defense philosophy, and physician ownership model.
• ProAssurance: Property and casualty insurer specializing in medical professional liability (including the former NORCAL Mutual). Directly competes in MPL for physicians, groups, and hospitals with a comparable specialty focus.
• Medical Protective (MedPro Group): Specialty MPL carrier with a long history of insuring physicians and surgeons. Competes directly in MPL underwriting, defense, and risk management for healthcare professionals, with comparable claims and litigation support services.
• SVMIC (State Volunteer Mutual Insurance Company): Physician-owned mutual MPL carrier serving physicians and healthcare professionals. Comparable in mutual structure, policyholder governance, and member-focused defense and risk services.
• ISMIE Mutual Insurance Company: Medical professional liability mutual serving physicians and healthcare providers, primarily in Illinois and the Midwest. Closely comparable in mutual ownership, MPL specialization, and emphasis on physician-driven defense.
• The Doctors Company: Largest physician-owned medical professional liability carrier in the United States. Directly competes with Physicians Insurance in MPL coverage for physicians and groups, with similar member-defense positioning and a comparable mutual-style philosophy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/physicianinsure
• Facebookfacebook.com/physicians-insurance-a-mutual-company-146318088746654
• LinkedInlinkedin.com/company/physicians-insurance

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Physicians Insurance