Healthcare Risk Advisors

What Healthcare Risk Advisors does

Healthcare Risk Advisors (HRA) is a New York-based insurance and risk management advisory firm serving hospitals, academic health systems, and healthcare professionals. Founded in 1977 and headquartered at 111 West 33rd Street in Manhattan, HRA is a wholly-owned subsidiary of TDC Group, the nation's largest physician-owned provider of insurance, risk management, and healthcare practice improvement solutions. The company partners with major New York health systems including Mount Sinai Health System and Montefiore Health System, serving 18 hospitals and supporting professional liability coverage for more than 10,000 physicians in the metropolitan New York area through affiliated Hospitals Insurance Company (HIC).

HRA's service portfolio spans six integrated offerings: Self-Insured Programs (advisory, formation, and administration), Risk Transfer (professional and general liability coverage), Claims and Litigation Services, Risk Management (education, simulation training, and best practices), a Data Analytics Center of Excellence (actuarial and healthcare analytics), and Education (online courses). The underlying technology combines actuarial science with a modern data analytics platform to analyze procedural and claims data, identify liability trends, and support risk reduction strategies. HIC, the affiliated carrier, reported $2,492.9 million in admitted assets and $969.6 million in policyholder surplus as of December 31, 2024, and carries an A (Excellent) Financial Strength Rating from AM Best.

HRA generates revenue through insurance premiums (underwritten via HIC), self-insurance program advisory and administration fees, risk management consulting, and claims handling services. The go-to-market combines direct enterprise sales targeting large hospital systems with a broker/agent channel (Producers) supported by a dedicated Agent/Broker Portal. Pricing is primarily quote-based with tiered discount structures for physicians. The firm competes on four decades of New York market experience, integrated service offerings, financial strength ratings, and analytical capabilities, positioning itself as a specialized alternative to generalist malpractice insurers in the New York healthcare market.

Name

Healthcare Risk Advisors

Legal name

Healthcare Risk Advisors

Website

https://healthcareriskadvisors.com

Company type

Private

Founded year

1989

Operating status

Operating

Headcount range

11–50 employees

Short description

Healthcare Risk Advisors (HRA) is a New York-based insurance and risk management advisory firm serving hospitals, academic health systems, and physicians. Part of TDC Group, HRA provides professional liability coverage, self-insurance administration, claims defense, risk management consulting, and data analytics through affiliated Hospitals Insurance Company.

Ownership category

akta.pro rank

Product category

Medical Malpractice Insurance and Healthcare Risk Management

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292), Direct Health and Medical Insurance Carriers (524114), Other Insurance Funds (525190)

SIC

Hospital & Medical Service Plans (6324), Accident & Health Insurance (6321), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Flexible Benefits Administration (FSA/HSA/HRA) (HLAEALAK)

akta.pro secondary industry

Employer Health Reimbursement Arrangements (HRA/ICHRA/QSEHRA) Administration (HLAEAAAG)

Keywords

• Medical malpractice insurance
• Healthcare risk management
• Hospital self-insurance programs
• Professional liability coverage
• Claims litigation services

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Professional Liability Insurance Premiums: HRA provides professional and general liability insurance coverage for hospitals and affiliated healthcare professionals, generating revenue through insurance premiums. Coverage is provided through Hospitals Insurance Company (HIC).
2. Self-Insurance Advisory Services: Consulting and administration services for self-insurance program formation and operation, including advisory services for hospitals seeking to self-insure their risk exposure.
3. Risk Management Consulting: Risk management services including education, training, best practices, claims handling, and litigation support for hospitals and healthcare organizations.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Healthcare Risk Advisors (HRA) partners with hospitals and healthcare organizations to provide insurance and risk management advisory services, including professional and general liability coverage, self-insurance program formation and administration, claims and litigation defense, clinical risk management, and data analytics. Coverage is delivered through affiliated Hospitals Insurance Company (HIC) for hospitals and New York-affiliated physicians.

Product overview

Healthcare Risk Advisors (HRA) offers a unified platform of insurance and risk management advisory services for healthcare organizations. The portfolio comprises Self-Insured Programs (advisory, formation, and administration services), Risk Transfer (professional and general liability coverage), Claims and Litigation Services, Risk Management (education and best practices), Data Analytics Center of Excellence (actuarial and analytics support), Education (online courses), and Professional Liability Insurance for New York Physicians. HRA is a member of TDC Group and partners with hospitals and healthcare organizations to identify and solve unique self-insurance, risk transfer, and risk management needs, serving 18 hospitals with over 40 years of experience in New York State.

Differentiator

Problem solved

Functional benefit

Products and services

• Self-Insured Programs Advisory services for self-insurance formation, setup, and administration services for hospital self-insurance programs, with over 30 years of experience in creating and managing hospital self-insurance programs.
• Risk Transfer Professional and general liability insurance coverage for hospitals and healthcare organizations, including risk sharing, streamlined administration, consolidated coverage, and enhanced reporting.
• Claims and Litigation Services Defense and management of professional and general liability claims, with decades of experience handling medical malpractice, long term care, and general liability cases.
• Risk Management Minimization of malpractice risk through development and support of risk reduction strategies, including team and simulation training, best practice guidelines, documentation standards, and risk reduction for electronic medical record systems.
• Data Analytics Center of Excellence Leverages actuaries and healthcare analytics experts to support data-driven decisions for reducing medical malpractice exposures, identifying high-risk high-cost complications, and improving financial performance.
• Education Online education for healthcare professionals including Relias OB Fetal Heart Monitoring Course, Physician Risk Management Course 2025-2026, and The Doctors Company's Risk Management Resources.
• Professional Liability Insurance for New York Physicians Professional liability coverage for physicians and allied healthcare professionals affiliated with client hospitals in New York, with various discounts including risk management education, joint defense, obstetrics, claims-free, and part-time physician discounts.

Quantifiable outcome

• 7% lower average indemnity paid vs. high-risk venues benchmark (limited to $2M)
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• TDC Specialty UnderwriterscoreStrategic or Co-development PartnerTDC Specialty Underwriters is a sister company providing E&S-driven liability solutions for healthcare organizations. The two companies share underwriting leadership, with Steven Spina overseeing underwriting performance for both entities.
• Hospitals Insurance Company (HIC)coreStrategic or Co-development PartnerHospitals Insurance Company (HIC) is an affiliated entity providing insurance products and services to more than 10,000 physicians in metropolitan New York. HIC provides professional liability coverage and is owned by The Doctors Company.
• Medical AdvantageminorStrategic or Co-development PartnerMedical Advantage is a sister company under TDC Group, an innovator in maximizing health plan and physician clinical and financial performance at the point of care in value-based contracting.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• The Doctors Company: The Doctors Company is the parent entity of Healthcare Risk Advisors and the nation's largest physician-owned medical malpractice insurer. Operates the same med mal and hospital liability product categories as HRA but at national scale, sharing captive structures, broker networks, and risk management service offerings.
• Coverys: Coverys is a medical professional liability insurer serving hospitals, physicians, and healthcare systems nationwide with similar coverage form, risk management, and analytics services as HRA.
• Medical Protective (MedPro): Medical Protective, a Berkshire Hathaway subsidiary, is one of the largest U.S. medical professional liability insurers for physicians and hospitals. Competes head-to-head with HRA in hospital and employed-physician coverage, with comparable analytics-driven risk management services.
• ProAssurance Corporation: ProAssurance is a specialty medical professional liability insurer that was acquired by The Doctors Company/TDC Group in 2020. Pre-acquisition it was a direct competitor to HRA, underwriting hospital and physician med mal across multiple U.S. states.
• TDC Specialty Underwriters: TDC Specialty Underwriters is a sister company under TDC Group providing excess & surplus (E&S) liability solutions for healthcare organizations. Shares underwriting leadership and risk appetite with HRA and offers overlapping products (hospital professional and general liability) to a similar healthcare buyer.
• Curi: Curi (formerly Medical Mutual Liability Insurance Society of Maryland) provides medical professional liability coverage and risk management services to physicians and healthcare organizations in the mid-Atlantic and beyond. Comparable product suite (MPL coverage + risk advisory) targeting affiliated hospital physicians.
• NORCAL Group: NORCAL Group is a physician-led medical professional liability insurer (now under ProAssurance/TDC) that historically provided med mal coverage and risk management to hospitals and physicians in NY-adjacent markets, with overlapping risk advisory offerings.

Broad incumbents

• Lockton (Healthcare Practice): Lockton is the world's largest privately held insurance brokerage, with a dedicated healthcare practice serving hospital systems, physician groups, and captives. Provides risk consulting and self-insurance administration comparable to HRA's advisory services, though with broader geographic and product scope.
• Marsh McLennan (Healthcare Practice): Marsh's global healthcare practice provides hospital and health system clients with insurance brokerage, risk consulting, captive management, and self-insurance advisory services directly competitive with HRA's risk advisory offerings, but as part of a much broader portfolio across all commercial lines.
• Aon (Healthcare Practice): Aon's healthcare industry practice offers risk advisory, brokerage, and self-insurance program administration for hospitals and health systems globally. Competes with HRA on risk placement, captive formation, and risk management consulting for large healthcare organizations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/healthcare-risk-advisors

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about Healthcare Risk Advisors