FPIC Insurance Group, Inc. Announces Completion of Reserve Study.JACKSONVILLE, Fla.--(BUSINESS WIRE)--Sept. 21, 1999-- FPIC FPIC First Professionals Insurance Company (Jacksonville, FL) FPIC Field Programmable Interconnect FPIC Federal Partnership for Interoperable Communications FPIC Field Programmable Interconnect Chip Insurance Group, Inc. (Nasdaq:FPIC) today announced the completion of a reserve study for certain segments of the business of Florida Physicians Insurance Company, Inc. (Florida Physicians), FPIC's largest insurance subsidiary. The study confirmed FPIC's belief that its reserves for these lines of business are adequate. William R. Russell, the President and Chief Executive Officer of FPIC and the Chief Executive Officer of Florida Physicians, stated, "While we believe that our reserves are sufficient and appropriate, questions with respect to certain segments of Florida Physicians' business continued to be raised by investors and others who follow our stock. In order to address these concerns, we retained a nationally recognized independent actuarial ac·tu·ar·y n. pl. ac·tu·ar·ies A statistician who computes insurance risks and premiums. [Latin advisor that performs no other services for Florida Physicians to assist us with a reserve study with respect to this book of business. We are happy to report that this study confirms our belief that our reserves with respect to this business are adequate. This study should eliminate the concerns that have been raised." The study analyzed an·a·lyze tr.v. an·a·lyzed, an·a·lyz·ing, an·a·lyz·es 1. To examine methodically by separating into parts and studying their interrelations. 2. Chemistry To make a chemical analysis of. 3. the net loss and allocated loss adjustment expense reserves for the Florida physicians and allied health professionals segments of the medical professional liability coverage of Florida Physicians as of June 30, 1999. This book of business represents 77.4% of Florida Physicians' net carried loss reserves as of June 30, 1999. The remainder of Florida Physicians' net carried loss reserves pertain to pertain to verb relate to, concern, refer to, regard, be part of, belong to, apply to, bear on, befit, be relevant to, be appropriate to, appertain to assumed reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. from various sources, Florida Physicians' dental and hospital liability insurance business and miscellaneous other items. FPIC, through its subsidiaries, is a leading provider of professional liability and health insurance for physicians, dentists, hospitals and other healthcare providers. In addition, FPIC provides third-party administration services both within and outside the healthcare marketplace. Its insurance subsidiaries are rated A- (Excellent) by A.M. Best. The web address for FPIC Insurance Group, Inc., is http://WWW.FPIC.COM (1) (Computer Output Microfilm) Creating microfilm or microfiche from the computer. A COM machine receives print-image output from the computer either online or via tape or disk and creates a film image of each page. . "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 This news release contains historical information, as well as forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , that are based on FPIC's estimates and expectations of future events. Associated with this are certain risks and uncertainties that could cause actual results to materially differ from those reflected in the forward-looking statements. FPIC's financial position and results of operations are subject to fluctuations due to a variety of factors. Unexpected changes in loss trends in any period could have a materially adverse effect on the company. Reevaluations of loss and loss adjustment expense (LAE) reserves could result in an increase or decrease in reserves and a corresponding adjustment to earnings. (LAE reserves are costs associated with the settlement of claims.) In light of the many uncertainties associated with the forward-looking statement information, historical results of operations are not necessarily indicative of future earnings nor should such information be regarded as a representation by FPIC, or any person associated with FPIC, that FPIC's objectives will be met. |
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