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. With every decision we make and every dollar we spend, our purpose and our values are paramount. Our Members recognize this in the top-tier legal defense, gold-standard risk management support, and broad, tailored policies we have been unwavering in delivering for more than 40 years.
Investing in You
A boutique insurance company, we are also uniquely positioned to provide the responsive, personalized service our Members deserve, year after year, unencumbered by bureaucracy or conflicting business priorities. Our singular commitment is always clear: to protect, support, and defend our Members.
In 2024, this commitment was stronger than ever. Once again, we spent more than our industry counterparts on claims and legal defense as we continued to ensure the strongest possible defense of good medicine. Our 96% public-trial win rate over the past decade underscores the success of this approach.
Our Risk Management team also expanded its offerings. We launched our Risk Mentorship program, which provides personalized, one-on-one training to accelerate knowledge-building for new risk managers. We doubled the number of educational webinars produced and published our largest-ever number of risk guidance documents to support Members in addressing the diverse challenges of the day.
In addition to our direct support, we continued our advocacy efforts, working alongside industry partners to fight tort erosion and counter harmful and divisive legal tactics, such as early settlement strategies and contribution claims.
Financial Strength
I am pleased to share that 2024 was another year of strong financial results, with our gross written premiums increasing to $191 million, up from last year, and our net income increasing to $15 million, driven by investment returns.
Our financial strength is robust: our total assets and policyholder surplus rose to $617 million and $288 million, respectively. Our year-end premium-to-surplus ratio was (0.5:1). In September 2024, AM Best again affirmed our financial strength rating of A- (Excellent). Our results also bear testimony to our Member-first commitment.
Our internal expense ratio of 24.1% is below the average of our industry peers.
We are always diligent in managing our costs, so we have the financial wherewithal to provide consistently outstanding, individualized support to our Members.
Our combined ratio of 109% emphasizes that our mission is not to earn underwriting profits from the Members who have entrusted us to protect them.
We prudently manage premium dollars, but never at the expense of doing what’s right for our Members. Our long-term investment strategies and sound pricing discipline make us a reliable partner through all market cycles.
We also commemorated an important milestone: the 10th anniversary of Physicians Insurance Risk Retention Group (PI RRG). PI RRG has enabled us to offer unparalleled coverage and flexibility, and to expand beyond our Pacific Northwest roots. Today, we proudly serve physicians in 31 states—and counting.
In closing, I want to thank you for the confidence and trust you place in us. All of us at Physicians Insurance work rigorously to earn it every day. We take great pride in our 94% Member retention rate: when Members come to Physicians Insurance, they stay—for protection that pays and a partner they can count on to protect, defend, and support them in the moments that matter.
It is a privilege to be that partner, and an honor to be of service to you.