Physicians Casualty

Physicians Casualty Risk Retention Group, Inc. is an Alabama-based insurance company that specializes in providing medical malpractice liability insurance on a multi-state basis. As a risk retention group, it operates under the Alabama captive insurer statutes and is subject to the provisions of the Alabama Insurance Code. However, its certificate of authority in Alabama was suspended in early April 2019 due to a mandatory control level event under the Alabama Risk-Based Capital for Insurers Act.

With a reported RBC score of 41.69, Physicians Casualty Risk Retention Group, Inc. faced financial challenges as its total adjusted capital of $735,801 fell short of the authorized control level risk-based capital of $1,764,770. As a result, the company's surplus declined significantly, reaching a negative $1,033,926 by the end of the first quarter in 2019. The Commissioner of Insurance and a court-appointed Receiver have taken regulatory control of the company to address its financial situation.

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