History

Medmarc’s Rich History.  Medmarc was created by the medical technology and life sciences industry to be its permanent solution to the volatile products liability insurance market.  We have grown from a small, Bermuda-based captive insurance program to a U.S.-based insurance group with licenses and authority to write business in all 50 states and the District of Columbia.  Throughout our history, we have never wavered from our commitment to be the superior provider of liability insurance protection to the industry we serve.

Major Milestones.  Some highlights of Medmarc’s success include:

  • Founded by the Industry.  In 1979, 31 medical technology companies, members of the Health Industry Manufacturers Association ("HIMA") - the predecessor of AdvaMed, created Medmarc as a Bermuda-based captive insurance company.  National Union, an AIG member company, was the issuing carrier, and Medmarc reinsured the first $500,000 of each risk. 

  • Insuring the Industry.  Driven by “hard market” conditions between 1984 and 1986, membership grew to over 300 policyholders, and reinsurance premium assumed by Medmarc grew from $1.5 million to $13.0 million.

  • Moving Onshore.  To better serve the dramatically increasing policyholder base, Medmarc wound up operations in Bermuda and reorganized as a Vermont-domiciled risk retention group. 

  • Increased Risk Retention.  Medmarc’s success enabled it to retain more risk.  In 1987, Medmarc increased its reinsurance retention to $1 million with a further increase to $2 million in 1989.

  • Conversion to a “Traditional” Insurer.  In 1991, Medmarc converted to a traditionally-licensed insurance company and began to steadily assume full responsibility for the operation of the program.

  • A. M. Best Excellent Rating.  In 1993, Medmarc earned a rating of “A-”(Excellent) from A. M. Best, reflecting its 14 years of successful operation.

  • Conversion to a Primary Underwriter.  In 1995, Medmarc acquired Medmarc Casualty Insurance Company (formerly, Dependable Insurance Company, Inc.), a broadly licensed property casualty insurance company and began a conversion plan from a reinsurer to a primary underwriter.  That plan was completed in 1999.

  • Partnered with The Hartford for “All Lines” Coverage.  In 1996, Medmarc created a strategic alliance with The Hartford, which provides Medmarc’s policyholders with a comprehensive and integrated solution for “all lines” risks.

  • Upgraded by to A rating by A. M. Best.  In 1998, Medmarc’s A.M. Best rating was upgraded to A (Excellent) where it remains today.

  • Tailored Coverage for Complex Risks.  In 2001, Medmarc acquired Noetic Specialty Insurance Company (formerly, Coregis Indemnity Company) to provide tailored products liability coverage for more complex risks that require special coverage features not available in the admitted market.

  • Continued Surplus Growth.  In 2004, policyholder surplus topped $100 million.
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