Medical Risk Services

What Medical Risk Services does

Medical Risk Services (MRS) is an independent medical malpractice insurance brokerage founded in May 2007 by Mike Blaum and Connie Calbeck, who established the firm by acquiring the Chicago-based physician practice of Aon Risk Services. Headquartered at 55 South Main Street in Naperville, Illinois, with a second office in Champaign, the firm serves physicians, physician groups, hospitals, healthcare facilities, and allied healthcare professionals (PAs, NPs, CRNAs) across Illinois and, through partner carrier footprints, nationwide. The company has approximately 14 team members consisting of two founding partners and 12 client service executives.

The firm's core offering is brokerage services across the full medical malpractice coverage spectrum, including Claims-Made policies (which step up in maturity over 5-7 years), Occurrence Coverage, Tail Policies (typically priced at 2-3x annual premium), Prior Acts Coverage for carrier transitions, and allied healthcare professional coverage. MRS operates as a contracted independent agent representing seven major rated carriers: ISMIE Mutual (the No. 1 medical liability carrier in Illinois, admitted in 14 states and DC), MedPro/Medical Protective (A++ AM Best), MagMutual (second-largest mutual MPL insurer), PSIC, ProAssurance (which acquired NORCAL in 2021), The Doctors Company (80,000 members, $4B+ in assets), and NORCAL. This multi-carrier representation enables comparative shopping across the full Illinois malpractice marketplace. The underlying technology is a conventional brokerage operation: advisors use carrier relationships and market access to source quotes, with no proprietary platform, AI capabilities, or integrated software suite disclosed.

Medical Risk Services earns revenue through commissions paid by insurance carriers when policies are placed; the firm charges no additional fees to clients, with agent compensation embedded in carrier premiums. Pricing is quote-based and varies by physician specialty, location, claims history, and carrier. The go-to-market motion is sales-led and inside-sales hybrid, with experienced brokers responding to quote requests within 24 hours and guiding clients through the entire application process, supplemented by a website-driven Request a Quote form and a quarterly email newsletter. Customer acquisition combines direct outreach, referrals from long-standing physician relationships, and inbound digital marketing through medrisk1.com. The firm claims 100+ years of combined industry experience across its team and emphasizes an advocacy positioning ("We Work For You") that distinguishes independent brokers from captive carrier agents.

Name

Medical Risk Services

Legal name

Medical Risk Services, Inc.

Website

https://medrisk1.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Medical Risk Services is an independent medical malpractice insurance brokerage serving physicians, physician groups, hospitals, and allied healthcare professionals in Illinois. Founded in 2007 in Naperville, the firm represents seven major rated carriers and earns commissions on placed policies.

Ownership category

akta.pro rank

Product category

Medical Malpractice Insurance Brokerage

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (52421), Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411), Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Healthcare Professional Liability (Med Mal) (FSAJAGAE)

akta.pro secondary industry

Medical Malpractice Liability (FSAJADAK)

Keywords

• Medical malpractice insurance
• Insurance brokerage services
• Physician liability coverage
• Claims-made coverage
• Healthcare professional insurance

Headquarters

HQ city

Naperville

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Insurance Brokerage Commissions: As an independent insurance brokerage, Medical Risk Services earns commissions from insurance carriers when policies are placed. No additional fees are charged to clients - agent fees are included in carrier premiums. The company analyzes practice history and provides coverage options from multiple carriers, earning commission-based compensation from those carriers.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Medical Risk Services is an independent medical malpractice insurance brokerage that connects physicians, physician groups, hospitals, and allied healthcare professionals with multiple rated insurance carriers to obtain tailored professional liability coverage. The firm places both Claims-Made and Occurrence policies, arranges Tail and Prior Acts coverage when physicians switch carriers or retire, and supports allied health professionals including PAs, NPs, and CRNAs. Revenue is earned through commissions paid by carriers, with no additional fees charged to clients.

Product overview

Medical Risk Services operates as an independent medical malpractice insurance brokerage offering a comprehensive portfolio of coverage solutions. The core offering is the medical malpractice insurance brokerage service, which is supported by two primary coverage types: Claims Made Coverage and Occurrence Coverage. Additional protective products include Tail Policies for extended coverage after policy termination and Prior Acts Coverage for continuous coverage when switching carriers. The company also provides specialized coverage for allied healthcare professionals. As an independent broker, they represent multiple rated insurance carriers including ISMIE, Medical Protective, MagMutual, Pro-Surance Insurance Company, ProAssurance, The Doctors Company, and NORCAL, providing access to the full marketplace for physicians, physician groups, hospitals, and healthcare facilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Medical Malpractice Insurance Brokerage Independent brokerage service that analyzes physician practice history, then matches clients with coverage options from all major rated carriers (ISMIE, MedPro, MagMutual, PSIC, ProAssurance, The Doctors Company, NORCAL) and supports them through the full application process. Built for physicians, physician groups, hospitals, and allied healthcare professionals seeking tailored medical malpractice liability coverage.
• Claims-Made Coverage Malpractice insurance coverage for incidents occurring and reported after the retroactive date while the policy is in force. Premiums step up over a 5-7 year maturity period. Requires Tail or Prior Acts Coverage when the physician changes carriers or retires to maintain continuous protection. Sold to physicians, physician groups, and healthcare facilities.
• Occurrence Coverage Malpractice insurance coverage that responds to any incident occurring while the policy is in force, with the insurer remaining responsible for claims reported after policy expiration. Sold to physicians, physician groups, and healthcare facilities that prefer permanent coverage without the need for a tail policy.
• Tail Policy Extended reporting endorsement that provides continued coverage for claims arising after termination of a Claims-Made policy for incidents that occurred during the original policy period. Premium is typically 2-3 times the expiring annual premium. Includes retirement tail eligibility provisions. Sold to physicians ending Claims-Made coverage.
• Prior Acts Coverage Coverage where the new insurance carrier picks up prior acts back to the retroactive date of the previous Claims-Made policy, providing continuous protection when a physician switches carriers without buying a tail. Sold to physicians transitioning between carriers.
• Allied Healthcare Professional Coverage Malpractice coverage options tailored to allied healthcare professionals with expanded practice roles, including physician assistants (PAs), nurse practitioners (NPs), and certified registered nurse anesthetists (CRNAs). Sourced from the same rated carrier partners as physician coverage.

Named customers5 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core.

• ISMIE Mutual Insurance CompanycoreChannel Partner/ Reseller/ DistributorISMIE Mutual has offered solid medical liability coverage, an aggressive claims defense, and elite risk management tools since 1976. ISMIE is the No. 1 medical liability carrier in Illinois and is an admitted carrier in 14 states and DC. MRS actively represents ISMIE for physician and healthcare facility coverage.
• Medical Protective (MedPro Group)coreChannel Partner/ Reseller/ DistributorMedical Protective is the nation's leading provider of healthcare malpractice insurance for physicians, dentists, additional healthcare providers, and hospitals. Rated A++ (Superior) by AM Best. MRS represents MedPro for comprehensive medical liability coverage.
• MagMutual Insurance CompanycoreChannel Partner/ Reseller/ DistributorFor more than 35 years, MagMutual has served as a trusted advocate and strategic advisor to thousands of physicians and hospitals. Second-largest mutual medical professional liability insurer nationwide. MRS represents MagMutual for physician and hospital coverage with policyholder dividend programs.
• Pro-Solutions Insurance (PSIC)coreChannel Partner/ Reseller/ DistributorPSIC protects physicians' reputations, good name, practice, and livelihood. MRS represents PSIC as part of their carrier portfolio for medical malpractice coverage.
• ProAssurancecoreChannel Partner/ Reseller/ DistributorProAssurance strives to make insurance simpler with greater control and ease of doing business. Rated A (Excellent) by AM Best. ProAssurance completed acquisition of NORCAL in 2021. MRS represents ProAssurance for healthcare professional liability coverage.
• The Doctors CompanycoreChannel Partner/ Reseller/ DistributorThe Doctors Company is the nation's largest physician-owned medical malpractice insurer with 80,000 members and over $4 billion in assets. Rated A by A.M. Best and Fitch. MRS represents The Doctors Company for comprehensive physician malpractice coverage.
• NORCAL GroupcoreChannel Partner/ Reseller/ DistributorNORCAL offers versatile coverage with an A.M. Best 'A' (Excellent) rating and 40 years of strength and stability to physicians nationwide. Now part of ProAssurance following May 2021 acquisition. MRS represents NORCAL carriers.

Scale indicators4 records

Recent moves4 records

Expansion highlights4 records

Broad incumbents

• Amwins: Amwins is a large specialty insurance wholesaler and brokerage with a healthcare professional liability practice. It is a broad incumbent that competes for specialty med mal placements at a national scale well beyond MRS's Illinois footprint.
• ISMIE Mutual Insurance Company: ISMIE is the #1 medical liability carrier in Illinois and a core carrier partner for MRS. It competes as both a direct writer and through independent brokers like MRS in the Illinois physician market.
• Insurance Office of America: IOA is a large, multi-line insurance brokerage with a healthcare practice that includes medical malpractice placement. It is a broad incumbent that overlaps with MRS on physician and group practice clients while also offering a much wider product set.
• MedPro Group (Medical Protective): MedPro is one of the largest U.S. healthcare malpractice insurers (AM Best A++) and a represented carrier for MRS. It is a broad incumbent in the same product category and competes with independent brokers via direct and captive distribution.
• Coverys: Coverys is a major medical professional liability carrier formed from the merger of ProMutual, Medical Mutual of Maine, and Georgia Medical. It is a broad incumbent writing med mal coverage that competes for the same physician clients MRS serves.
• The Doctors Company: The Doctors Company is the nation's largest physician-owned medical malpractice insurer and one of MRS's core carrier partners. As a carrier it competes with independent brokers when physicians purchase direct, while also being a critical distribution partner for MRS.

Direct peers

• Cunningham Group: Cunningham Group is an insurance broker focused on healthcare providers, placing medical malpractice, professional liability, and related coverages. It is a direct peer in the physician-focused specialty brokerage category that MRS operates in.
• MGIS (part of One80 Intermediaries): MGIS is a national medical malpractice and healthcare professional liability specialty brokerage now within One80 Intermediaries. It competes directly with MRS for physician and group practice placements, with a similar multi-carrier independent broker model and comparable commission economics.
• Wood Insurance Group: Wood Insurance Group is an independent medical professional liability specialist broker serving physicians and healthcare providers. It is a direct peer with a similar specialty broker model placing business across multiple med mal carriers.
• Danna-Gracey: Danna-Gracey is an independent insurance agency specializing in medical malpractice and healthcare professional liability for physicians and surgeons. It is a direct specialty-broker competitor with the same physician-focused, multi-carrier value proposition as MRS.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/medrisk1
• LinkedInlinkedin.com/company/medical-risk-services

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 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 Medical Risk Services