At Southwest IPROPHYSICIANS ARE IN CONTROL
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SOUTHWEST IPRO CAPTIVE INSURANCE
30+ Years of Experience
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Years of Experience
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States Covered
$
1
+ millions
of dollars returned to physicians
ABOUT US
Southwest IPRO was founded in 1988 with the following concept in mind: That 25% of doctors account for 80% of the cost of liability claims, settlements, and jury awards.
We knew that if we eliminated the problematic 25%, that with care, risk management, some common sense and a bit of self-policing, the profits that national companies were making on us could be retained by us in our own company, and we could pay less premium as an added benefit, and return premium to doctors after retirement.
CAPTIVE INSURANCE
How It Works – Watch Video Below
https://southwestipro.com/wp-content/uploads/2020/02/2.mp4
What is a captive insurance company?
– There are several definitions of a captive.
– The term “Captive” is used generally to describe an insurance company that insures the risks of its owners who are not in the business of insurance.
– In its purest applications, it is a means of self insurance; but the reality is that many captives buy reinsurance and lay off a portion of their risk.
TESTIMONIALS
What Physicians Say About Us?
“As one of the original members of SWIPRO, having signed on in 1988, I have seen the dramatic success of the company develop over the years. I retired in 2015, and received a check from the company for almost 50% of every penny I paid in premium. But that return of premium is not the only benefit. When I had a question or problem with one of my patients, I spoke to our lawyer directly, not a nurse or company intermediary. My premiums never went up over the course of 27 years, but they did go down. In addition, SWIPRO’S risk management programs are free and informative. Without hesitation, I recommend this program highly.”George H.Physician
“I was insured with SWIPRO since 1993 until I recently retired (2018). With SWIPRO, I was always able to directly communicate with the attorney which allowed me to have better legal guidance immediately, if needed. They were always responsive to my legal needs, directly and quickly. I found with my prior OMF Surgeon’s insurance company (OMSNIC), if I had questions about legal guidance or possible liability, I had to go through intermediaries which did not satisfy getting the actual legal advice I needed. During the 33 years I was in practice, I always felt the most comfortable with SWIPRO at my side (25 YEARS), since their reputation in representing Oral & Maxillofacial Surgeons was well known and they had the reputation of legally representing one fully instead of taking the easy way out and settling a case. In other words, I always felt completely represented and protected.”George K.Surgeon
“I retired in 2003, having been covered by SWIPRO since 1988. I have never had insurance of any type that was so set on keeping their clients happy and secure. The insurance company itself is audited by KPMG every year, and has Lloyds of London reinsurance to protect it from shock losses. I felt safe and protected, and the insurance return of premium I received was a wonderful addition to my retirement assets. I recommend this company without reservation.”Larry B.M.D.
“I joined SWIPRO early in my career because I trusted the surgeons who were starting the company to protect us from rampant inflation of malpractice insurance rates. What a great decision. Besides having stable competitive premiums, I have enjoyed the added benefit of knowing that I am protected and supported by a hand-picked peer group of like-minded oral and maxillofacial surgeons and physician specialists. Should a claim arrive, the company’s legal staff is first rate and instantly responsive. They have the well-earned reputation of vigorously defending all claims no matter how trivial. SWIPRO’s generous rate of return of premium paid after retirement makes my decision to insure with them the best business decision I ever made.”John J.Surgeon
“So often in life we are intimated by a subject, rule, law, etc., because we have little knowledge of the subject, rule, law, and we go along with the status quo. We are all told we need medical malpractice insurance and it will be provided by billion-dollar companies who will take care of us physicians. Of course, this is not true. Seventeen years ago, I was introduced and educated on a form of alternative med/mal insurance, called Captive Insurance. Through SWIPRO I learned a unique way of controlling a portion of my overhead, that gave me stable, personalized coverage. I actually had a say in the company, because I had a stake in the company, vs an all-powerful commercial med/mal company. I was no longer intimidated by big professional liability insurance companies. SWIPRO is a tightly run insurance company that worries about its members, not outside investors. My only regret is not being a part of SWIPRO earlier in my career.”Edward D.Orthopedic Surgeon
FAQ
Frequently Asked Questions
Why is the company called Southwest IPRO?
Two successful captive insurance companies merged to form this formidable company, Southwest and IPRO.
Why is your company located in the Cayman Islands?
The company was set up in 1988 as a profit-making corporation for the benefit of insured doctors. Insurance companies set up in the Cayman Islands do not have the regulatory expenses of domestic companies. There is no corporate taxation, companies need not have brick and mortar locations, or highly paid C.E.O.s
The Cayman Islands and Bermuda have the infrastructure to regulate and certify Captive Insurance. Northwestern memorial Hospital, Mass General Hospital, and a host of other large and small entities have their captives on these islands. The Cayman Islands licenses over 600 captive insurance companies.
More than half of the 600 Cayman Islands’ captives relate to healthcare, and medical malpractice liability continues to be the primary line of business, with approximately 32 percent of companies.
What about tail coverage?
A reporting endorsement (tail cover) is free after retirement.
What are your premiums like?
Southwest IPRO premiums can be slightly lower, or slightly higher than premiums from domestic companies. Since the inception of Southwest IPRO, the company has never raised premiums.
What are my guarantees that premiums will not be raised?
The company is 32 years old, and has never raised any insured’s premium. It is company policy that premiums are not adjusted upward, only downward if warranted.
What can I expect after retirement?
Return of premium to members has run between 40 and 60 percent of everything paid in, depending on case activity, and investment returns.
Who do you insure ?
All physicians are eligible. We have ENT, Plastic Surgeons, Orthopedic Surgeons, Oral Surgeons, General Surgeons, Vascular Surgeons, Internal Medicine, and others.