Hospitals Insurance

What Hospitals Insurance does

Healthcare Risk Advisors (HRA), operating alongside Hospitals Insurance Company, is a New York-based specialty insurance and risk management platform focused on medical professional liability for hospitals, academic healthcare systems, physician groups, and physicians practicing in New York. Founded in 1990 and operating as a subsidiary within The Doctors Company ecosystem, HRA delivers an integrated offering that combines professional liability insurance coverage with risk management consulting, claims and litigation defense, self-insurance program design and administration, and risk transfer solutions. The company targets large hospital systems (including private equity-backed providers) through direct enterprise sales and distributes physician coverage through a network of insurance brokers and agents supported by a dedicated online producer portal.

The platform is anchored by a Data Analytics Center of Excellence that applies analytics to identify opportunities for improving patient safety and reducing liability exposure, and the broader product suite includes dedicated modules for hospitals, New York physicians, risk management, claims and litigation, risk transfer, self-insured programs, and professional education. HRA's distribution combines direct enterprise engagement (including a "Request An Indication" intake process for physicians) with channel sales through producers and an agent/broker portal hosted at portal.thedoctors.com. Revenue is generated through recurring professional liability insurance premiums, fees for risk management consulting services, and managed-services revenue from claims administration for self-insured healthcare organizations; pricing is quote-based and not publicly disclosed.

Hospitals Insurance Company reported $2,492.9 million in total admitted assets, $1,523.2 million in admitted liabilities, $1,442.3 million in total reserves, and $969.6 million in policyholder surplus as of December 31, 2024, and carries an AM Best A financial strength rating. Customer outcome metrics cited by the company include 7% lower average indemnity paid (capped at $2M) and 13% lower average expenses paid versus a high-risk venues benchmark. The parent, The Doctors Company, announced the acquisition of ProAssurance Corporation in 2024, expanding the broader group's medical professional liability footprint.

Name

Hospitals Insurance

Legal name

Healthcare Risk Advisors

Website

https://hicgroup.com

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

11–50 employees

Short description

Healthcare Risk Advisors is a New York-based specialty insurance and risk management platform providing medical professional liability coverage, risk management consulting, claims defense, and self-insurance program administration for hospitals, academic healthcare systems, and physicians, operating as a subsidiary of The Doctors Company.

Ownership category

akta.pro rank

Product category

Medical Professional Liability Insurance

NAICS

Direct Health and Medical Insurance Carriers (524114)

SIC

Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Professional Liability (Errors & Omissions) (FSAJADAB)

Keywords

• Healthcare professional liability insurance
• Medical malpractice coverage
• Healthcare risk management
• Self-insurance programs
• Claims and litigation defense

Headquarters

HQ city

West 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, Infrastructure

Revenue model

1. Professional Liability Insurance Premiums: Collection of insurance premiums for professional liability coverage provided to physicians and healthcare professionals affiliated with client hospitals
2. Risk Management Consulting Services: Fees for consulting services including self-insurance programs, risk transfer methods, and liability reduction strategies
3. Claims Administration Services: Revenue from managing and administering claims and litigation for self-insured healthcare organizations

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Healthcare Risk Advisors (HRA) provides professional liability insurance, self-insurance program consulting, risk transfer solutions, patient safety and risk management services, and claims and litigation defense to hospitals, academic healthcare systems, and New York physicians. The combination of underwriting, analytics-driven risk prevention, and claims administration allows healthcare organizations to manage liability exposure while focusing on patient care.

Product overview

Healthcare Risk Advisors (HRA) is a unified insurance and risk management platform providing comprehensive services to healthcare organizations. The portfolio consists of hospital-focused solutions (Data Analytics Center of Excellence, Risk Management, Claims and Litigation Services, Risk Transfer, Self-Insured Programs, and Education) combined with professional liability coverage for New York Physicians. These modules work together to ensure appropriate coverage levels, provide access to risk prevention services, and enable healthcare partners to focus on patient care. The company also operates as Hospitals Insurance Company with reported total admitted assets of $2,492.9 million as of December 31, 2024.

Differentiator

Problem solved

Functional benefit

Products and services

• Hospitals Insurance and Risk Management Solutions Integrated professional liability coverage, risk transfer, patient safety and risk management, claims and litigation defense, and self-insurance program services for large hospital systems and academic medical centers, including private equity-backed providers.
• New York Physicians Professional Liability Coverage Professional liability insurance for physicians and allied healthcare professionals affiliated with HRA client hospitals in New York, including malpractice defense representation for high-risk specialties such as obstetrics.
• Data Analytics Center of Excellence Advanced analytics offering for hospitals to identify opportunities for patient safety improvement and risk reduction through data-driven insight.
• Patient Safety and Risk Management Services Patient safety programs and risk mitigation consulting tailored to the operational and clinical risk profile of healthcare organizations.
• Claims and Litigation Defense Services Claims management and malpractice litigation defense representation for healthcare organizations and insured physicians.
• Risk Transfer Solutions Risk transfer advisory and structured solutions that help healthcare organizations manage and transfer liability exposure.
• Self-Insured Program Administration Consulting and administration of self-insurance programs for healthcare organizations seeking to retain and manage their own liability risk.

Quantifiable outcome

• 7% lower average indemnity paid (capped at $2M) vs. high-risk venues benchmark
• +1 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• The Doctors CompanycoreOthersThe Doctors Company is the parent organization of Healthcare Risk Advisors. The Doctors Company announced the acquisition of ProAssurance Corporation. HRA operates as a subsidiary/brand within the The Doctors Company ecosystem, leveraging its resources and financial strength while maintaining focus on hospitals and New York physicians.

Scale indicators7 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• ProAssurance Corporation: Medical professional liability insurer recently acquired by The Doctors Company (HRA's parent); provides comparable hospital and physician malpractice coverage nationally.
• MagMutual: Physician- and hospital-focused medical malpractice carrier with integrated risk management and claims services; closely comparable in product mix and customer base.
• Coverys: Medical professional liability insurer offering malpractice coverage, risk analytics, and claims management to hospitals and healthcare providers — directly comparable to HRA.
• NORCAL Group: Medical professional liability carrier serving hospitals and physicians with coverage, risk management, and claims services; now part of ProAssurance/TDC group and directly comparable.
• Medical Protective (MedPro Group): One of the oldest U.S. medical professional liability insurers offering malpractice coverage, risk management, and claims services to hospitals and physicians — directly comparable to HRA.
• The Doctors Company: The parent organization of HRA and one of the largest medical professional liability insurers in the U.S. Highly comparable business model, customer base, and product set.

Regional players

• MLMIC Insurance Company: New York-focused medical professional liability insurer that was absorbed into NORCAL; historically a direct New York competitor to HRA for hospital and physician coverage.

Broad incumbents

• Berkshire Hathaway Specialty Insurance: Large specialty insurer within Berkshire Hathaway writing professional liability, including medical malpractice; a broader incumbent competitor with deeper capital and broader geographic reach.
• AIG Healthcare: Global insurer with healthcare professional liability capabilities; a broader incumbent that competes in the medical malpractice space as part of a wider portfolio rather than as a healthcare specialist.

Emerging players

• CRICO Strategies: Risk-management and data-analytics subsidiary of the CRICO malpractice captive, focused on patient-safety analytics — overlaps with HRA's Data Analytics Center of Excellence value proposition.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/hospitals-insurance-company

Revenue estimate

Valuation estimate

Number of profiles

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 Hospitals Insurance