Academic Profile
The first Academic Group company was founded in 1990 in New York State to provide professional liability insurance to physicians, dentists, and other allied professionals across a broad spectrum of clinical practice. At that time, the company services were offered exclusively to teaching physicians affiliated with academic institutions based in the state, primarily medical and dental faculty of the State University of New York (SUNY) system (the University of Buffalo, including the dental school; Stony Brook, also including the dental school; Upstate; and Downstate).
Academic has continued to expand on its initial subscriber base, and now has more than 2,000 faculty and allied health subscribers enrolled, including full-time faculty physicians, dentists, nurses, and other health professionals as well as qualified voluntary faculty and select residents at ambulatory care sites.
In addition to SUNY, members are drawn from faculty and residents at New York Medical College and University of Louisville School of Medicine, and faculty affiliated with the Weill Cornell Medical School at Qatar. Academic also insures voluntary faculty with a demonstrated nexus to clinical education, fellows, and various faculty and residents at other qualified medical schools across New York State.
Building on its nearly 17-year history of success in New York, Academic has established a new Risk Retention Group (RRG) Company licensed in the state of Vermont. This new company, approved in April 2007, creates the ability to offer professional liability insurance to academic professionals nationwide.
Three companies, one mission
Today, the Academic Group consists of three companies offering members a comprehensive set of insurance products and services: Academic Health, which operates as an admitted carrier in the New York market; Academic Exchange, licensed in Vermont to offer insurance services nationally; and Academic Solutions, which provides professional liability underwriting, financial, claims, and educational services as well as insurance management and consulting services to captives and physician groups.
These three companies are bound by a shared history, expertise, and commitment to supporting medical professionals in the teaching environment. As a "reciprocal" insurance association (a structure similar to that of a mutual company), the member insurance companies of the Academic Group operate independently and each is owned and capitalized by its faculty subscribers, who, in effect, insure each other.
This gives Academic a powerful resource to call upon for industry insight as well as an ally in the fight to control medical faculty professional liability insurance costs and manage risk.
Academic Health
Established in 1990 in New York State as an admitted carrier, Academic Health provides professional liability insurance to doctors, dentists, and allied professionals at medical schools and teaching hospitals across the state the state as well as Kentucky. Academic Health is also licensed in Texas.
Academic Exchange
Academic Exchange is a Risk Retention Group Company domiciled in Vermont, and is able to provide professional liability insurance to doctors, dentists, allied professionals as well as visiting foreign physicians in teaching environments nationwide.
Academic Solutions
Academic Solutions provides professional liability insurance services to both Academic Health and Academic Exchange. The company was established initially to meet the needs of Academic Health’s members.
Services provided by the company include claims management, assignment and supervision of legal defense, underwriting, enrollment, record keeping, financial accounting, risk management education and information services.
In addition to providing insurance services to the Academic Group of companies, Academic Solutions also offers consulting and professional liability insurance management services to other captives, insurance companies and faculty physicians groups.