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2024 Annual Report

Protection That Pays

Join Physicians Insurance as we reflect on a year of protecting, defending, and supporting our Members.

Key Results of Our Work

96%

public-trial win rate over the previous 10 years

87%

of premiums dollars spent on claims and policyholder defense

94%

Member retention rate

Greetings, Colleagues

A Message from Our Board Chair


"As physicians, we dedicate our lives to patient care. Today, that commitment carries substantial risk. Throughout these challenging times, we are fortunate to have a steadfast partner in Physicians Insurance."

- Dr. Shane E. Macaulay, Board Chair

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A portrait of Shane Macaulay, MD.

What We Stand For

Unwavering Protection

We fiercely protect, defend, and support your organization, your business, your reputation, and your life’s work. We are a mutual company that partners with leading defense counsel, brokers, and other experts to ensure Member interests are protected. 

About Us

Empathetic Expertise

When your life’s work is on the line, you need more than expertise. You need people who understand what’s at stake and who listen to you. Our business is about helping Members overcome their obstacles as quickly as possible to achieve a good outcome.

About Us

Agile Guidance

Your healthcare organization must keep pace with the industry, so we keep pace too. We constantly look for novel solutions to new challenges, and act with the urgency Members need and deserve while professionally guiding them through the underwriting, risk management, and claims processes.

About Us

Strong Financials

Your peace of mind is paramount. Whether insuring a hospital, medical practice, or community healthcare center, we have the financial resources to ensure our Members are protected by the best coverage and services possible.

Financial Summary

Protection That Pays

A Letter from Our President & CEO

"It’s more than the theme of our 2025 Annual Report—it’s the foundation of what we do. As a mutual insurance company, Physicians Insurance exists to serve you, our Members."

- William Cotter, President & CEO

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A portrait of William Cotter, President and CEO of Physicians Insurance.

Our Finances

$191m

Gross Written Premium

$123m

Claims Incurred

$15m

Net Income

0.5:1

Premium-to-Surplus Ratio

0.89:1

Reserves-to-Surplus Ratio

Rated A-

(Excellent) by AM Best

A Spotlight on Our Work

A doctor in blue scrubs and a white coat looks toward the camera while standing in the hallway of a hospital.

Delivering Stellar Litigation Support

Weeks after being seen and released in the ER for what presented as low-risk chest pain, a male patient died from aortic dissection.

A surgeon smiles toward the camera while standing in an operating room.

Anatomy of a Claim Settlement

A 68-year-old man was undergoing spinal decompression surgery. Near the end of surgery, numerous issues arose with his vital signs, and the anesthesiologist tried addressing them one after another to stabilize the patient so the surgery could be completed.

A woman wearing professional attire and glasses looks toward the camera.

Rx for Risk Management Success

Physicians Insurance is always looking for ways to enhance our risk management services. So when we recognized a need for focused support for risk managers new to the field, it didn’t take long. In 2024, PI’s Risk Management Mentorship Program was born.

Another Year of Member Satisfaction

See what our Members had to say about Physicians Insurance in 2024.

A man wearing a suit writes on a set of legal documents.

30 Years of Advocacy

At Physicians Insurance, we strive to keep our Members informed and equipped to mitigate emerging litigation exposures. Our dedicated Government Relations staff are committed to improving the liability landscape for our Members across the full spectrum of legislative, regulatory, and judicial challenges.

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Get in Touch

Learn more about how Physicians Insurance can help you navigate the risks of care delivery.