Riverside Health System and Kent Hospital join American Excess Insurance Exchange
AEIX distributes $30+ million to 18 health system owners, achieves 100% policyholder retention and satisfaction
March 13, 2015
CHARLOTTE, N.C. (August 4, 2014) — Riverside Health System of Newport News, Virginia and Kent Hospital of Warwick, Rhode Island have become owners of American Excess Insurance Exchange (AEIX), Risk Retention Group (RRG).
Managed by Premier Insurance Management Services, Inc. (PIMS), AEIX provides excess professional and general liability insurance to not-for-profit hospitals and health systems, including Premier, Inc. alliance members.
As new owners of AEIX, Riverside Health System and Kent Hospital will benefit from pricing stability, and comprehensive claims and risk management programs focused on reducing harm and improving quality outcomes. Both will also have access to the AEIX annual benchmarking analyses, which compare numerous demographic and performance metrics with other owners of AEIX.
“We’re delighted to welcome Riverside Health System and Kent Hospital to AEIX as owners,” said Joelle Hren, senior vice president of operations and chief financial officer, PIMS. “The strength of the AEIX model is driven by its owner health systems as they manage risk and deliver high-quality healthcare. Riverside Health System and Kent Hospital have made a habit out of providing high-quality care and are excellent additions to the group.”
Eighteen owners of AEIX recently shared a $30.1 million distribution on June 2. In addition, 2014 marks another year in which AEIX achieved 100 percent policyholder renewal retention. AEIX’s annual customer satisfaction survey also received a 100 percent policyholder satisfaction rating for its ninth consecutive year.
“By working together, AEIX owner health systems share best practices to enhance risk management protocols,” continued Hren. “Through premium stability, superior claim outcomes and sharing in the profits of AEIX, they are consistently experiencing positive results.”
AEIX enables health systems to reduce the long-term cost and volatility of excess liability insurance, while ensuring availability and access to coverage. The group is dedicated to value-added services that benefit member hospitals through operational transparency, collaboration and best practice sharing.
AEIX, which has been managed by PIMS for 24 years, has returned more than $222 million to participants since its inception.
AEIX is an excess professional and general liability insurance company providing up to $40 million in limits for hospitals and other healthcare related systems. AEIX is organized as a Vermont licensed reciprocal risk retention group, an insurance company authorized under federal legislation for the purpose of providing liability lines of insurance to its members. http://www.aeixrrg.com/
About Premier Insurance Management Services Inc. (PIMS)
Incorporated in 1987, PIMS is an Illinois for-profit corporation and subsidiary of Premier, Inc. PIMS provides contracted management services for AEIX, and is attorney-in-fact for Premier Insurance Exchange, Risk Retention Group (PRx). PIMS also serves as program manager offering enhanced endorsed programs with leading commercial insurers through a comprehensive portfolio of property, casualty and employee benefit products. Other services include providing claims and risk management assessments and education offerings regarding medical professional liability for hospitals and their physicians. For more information, visit https://www.premierinc.com/insurance.
About Premier, Inc.
Premier, Inc. is a leading healthcare improvement company, uniting an alliance of approximately 3,000 U.S. hospitals and 110,000 other providers to transform healthcare. With integrated data and analytics, collaboratives, supply chain solutions, and advisory and other services, Premier enables better care and outcomes at a lower cost. Premier, a Malcolm Baldrige National Quality Award recipient, plays a critical role in the rapidly evolving healthcare industry, collaborating with members to co-develop long-term innovations that reinvent and improve the way care is delivered to patients nationwide. Headquartered in Charlotte, N.C., Premier is passionate about transforming American healthcare. Please visit Premier’s news and investor sites on www.premierinc.com; as well as Twitter, Facebook, LinkedIn, YouTube, Instagram, Foursquare and Premier’s blog for more information about the company.
CONTACT: Morgan Bridges-Guthrie, Premier, Inc.; Morgan_Bridges@PremierInc.com, 704.816.4152