MINNEAPOLIS--(BUSINESS WIRE)--Constellation™, a mutual holding company, has been formed to enable physician-owned medical liability companies to band together for common benefit.
“As members of our network, they’ll be able to retain their own brand and customary operations while leveraging each other’s strengths and resources.”
As part of Constellation’s network of companies, physician-governed insurers will be able to share resources and expertise, giving them the scale, efficiencies, capital and support to better compete against large stock companies. The network is designed to include both member companies—i.e., mutual owners—as well as contractual affiliates.
“Constellation will enable insurers to grow while maintaining their physician-owned, mission-driven model,” says Bill McDonough, President and CEO. “As members of our network, they’ll be able to retain their own brand and customary operations while leveraging each other’s strengths and resources.”
The nature of information and resources shared will be commensurate with the type of relationship the companies have formed with Constellation, but may include expanded solutions for policyholders, increased access to capital, reduced risk through shared reinsurance contracts, and access to data warehousing and predictive analytics.
Constellation was formed by Midwest medical liability company, MMIC when it converted its organization from a stock holding company to a mutual holding company structure. MMIC is a founding member company of Constellation.
Based in Minneapolis, Minnesota, Constellation is a mutual holding company comprised of physician-owned medical liability insurers. Through its founding member company, MMIC, Constellation provides solutions to more than 17,000 physicians and 500 facilities, including hospitals, clinics and long-term care organizations, and holds more than $250 million in surplus.