MCIC Vermont, Inc. (A Risk Retention Group) (MCIC) is a specialty insurance company which provides medical professional and general liability insurance coverage and risk management services to its academic medical center Shareholders and their various affiliated entities, employees and physicians. The Shareholders of MCIC are Columbia University College of Physicians & Surgeons, Johns Hopkins Medicine, New York Presbyterian Hospital, University of Rochester Medical Center, Weill Cornell Medical College, Yale New Haven Health and Yale University School of Medicine. These Shareholders own 100% of the Company.
MCIC’s primary mission is to provide its Shareholders with a long-term, stable and cost effective source of medical professional and general liability insurance coverage that meets its Shareholders’ insurance needs for health care delivery and medical education. The Company’s goal is to be the leading worldwide medical malpractice (captive) insurer by operating at a “best practice” and “best-in-class” level in all the traditional functional areas of insurance company operations.
The Company’s origins date back more than three decades ago to the formation of The Medical Centre Insurance Company, Ltd., a Bermuda based captive insurance company which commenced operations July 1, 1978, and which provided its Shareholders with insurance for their medical professional and general liability exposures. MCIC Vermont, Inc., a Vermont domiciled risk retention group, began operations on January 1, 1997 and today, the Company insures its Shareholders and certain of their affiliates across all of their campuses which include more than sixteen hospitals and 375 separate locations in seven states. In addition to covering the operations of its Shareholders, the Company currently insures more than 12,000 physicians, over 50,000 individual employees, and generates nearly $300 million in annual written premium.