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New Medical Malpractice Insurance Provider Applies in Florida, Managed by Duane Morris LLP

AUG 18,2003

Business Editors/Health/Medical Writers

MIAMI--(BUSINESS WIRE)--Aug. 18, 2003--An application has been filed by the Florida Healthcare Providers Insurance Exchange, (The Exchange), to offer medical malpractice insurance to physicians in Florida. The Exchange expects to begin issuing policies that would take effect as of January 1, 2004.
The Exchange is managed by an affiliate of Duane Morris LLP. Duane Morris is among the hundred largest law firms in the nation with offices in twenty-one cities including Miami and Palm Beach.
Known technically as a reciprocal insurance exchange, The Exchange is a program in which participants in the plan share insurance risk. Essentially, each participant is also an owner who contributes capital in addition to paying premiums. The program is designed to attract physicians who have a strong record of sound clinical practice and are willing to assume some risk as well as a certain amount of practice oversight. The program's objective is to assure that Florida's physicians and hospitals have adequate access to medical malpractice insurance over the long term.
"Recognizing a market need for medical malpractice insurance coverage in Florida, we are utilizing the successful experience of our Pennsylvania Exchange which provides medical malpractice insurance to physicians in Pennsylvania," said Charles C. Pappy III, partner in charge of Duane Morris' Miami office. "There is clearly a strong parallel between the Pennsylvania and Florida medical malpractice insurance situations. We will offer a viable alternative for medical malpractice insurance that will benefit the physicians, hospitals and people of Florida."

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