Sixteen health system owners of American Excess Insurance Exchange, RRG to receive $29 million
The AEIX program, managed by Premier Insurance Management Services Inc., has returned more than $130 million to participants since inception
May 5, 2010
CHARLOTTE, N.C. (May 25, 2010) – On June 1, the American Excess Insurance Exchange (AEIX), Risk Retention Group (RRG) will distribute a surplus of more than $29 million to 16 of its owner health systems that are members of the Premier healthcare alliance.
AEIX is a provider of excess professional liability and general liability insurance covering multiple members of the alliance, and is managed by Premier Insurance Management Services, Inc. (PIMS).
For over 20 years, PIMS has managed AEIX for Premier alliance members. Owners of the AEIX benefit from enhanced control over insurance coverage and premium stability, and share ownership in the profits of AEIX.
AEIX has helped health systems reduce the long-term cost and volatility of excess liability insurance, while ensuring availability and access to coverage. The program has returned nearly $130 million to participants since inception.
AEIX provides excess professional and general liability insurance to not-for-profit hospitals and health systems. To qualify for participation in AEIX, an organization is required to maintain a minimum self-insured retention of $2 million and an in-house professionally staffed claims and risk management group. AEIX can provide up to $40 million in limits without the use of facultative reinsurance. 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.
About Premier Insurance Management Services Inc. (PIMS)
Incorporated in 1987, PIMS is an Illinois for-profit corporation wholly owned by Premier Inc. PIMS provides contracted management services for American Excess Insurance Exchange, Risk Retention Group (AEIX), and is attorney-in-fact for Premier Insurance Exchange, Risk Retention Group (PRx). PIMS also serves as program manager offering enhanced sponsored 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 http://www.premierinc.com/risk/tools-services/pims/index.jsp.
About the Premier healthcare alliance, Malcolm Baldrige National Quality Award recipient
Premier is a performance improvement alliance of more than 2,500 U.S. hospitals and 75,000-plus other healthcare sites using the power of collaboration to lead the transformation to high quality, cost-effective care. Owned by hospitals, health systems and other providers, Premier maintains the nation’s most comprehensive repository of clinical, financial and outcomes information and operates a leading healthcare purchasing network. A world leader in helping deliver measurable improvements in care, Premier has worked with the Centers for Medicare & Medicaid Services and the United Kingdom’s National Health Service North West to improve hospital performance. Headquartered in Charlotte, N.C., Premier also has an office in Washington. http://www.premierinc.com. Stay connected with Premier on Facebook, Twitter and YouTube.