History
Created by the industry for the industry, Medmarc was founded in 1979 by HIMA—now AdvaMed—the world’s largest medical technology association.
Medmarc’s History
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:
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Founded by the Industry. In 1979, 31 medical technology companies, members of the Healthcare Industry Manufacturing Association (HIMA) the predecessor of AdvaMed, the world’s largest medical technology association, created Medmarc as a Bermuda-based captive insurance company.
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Insuring the Industry. Emerged as the leading source for products liability insurance for manufacturers and distributors of life sciences technology. Driven by hard market conditions between 1984 and 1986.
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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.
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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.
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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.
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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.
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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. Effective 12/31/2021 Noetic's name was changed to ProAssurance Specialty Insurance Company (PRA Specialty).
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Preferred Provider for Distributors. IMDA, the trade association for distributors of medical technology, named Medmarc its “preferred provider” in 2005.
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Preferred Provider for Devices. AdvaMed, the world’s largest trade association for medical device manufacturers, named Medmarc its “preferred provider” (of insurance) in 2007.
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Demutualizes and becomes part of ProAssurance Corporation. A.M. Best upgrades Medmarc Casualty and Noetic Specialty to "A" (Excellent).
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Celebrating 35 years dedicated to the industry Medmarc launches new Errors and Omissions Liability (E&O) policy.
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Establish Medmarc Edge, an underwriting unit dedicated to quick turnaround for quotes and binders for small business. Medmarc’s answer to on-line rating platforms, Medmarc Edge couples streamlined account review processes with individual underwriting and personalized service.
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Medmarc achieves record policy count, releases new version of Products policy.
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Founded in 1979 by the Industry, Medmarc celebrates 40 years insuring the medical technology industry.
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Medmarc supported the industry by insuring devices, drugs, diagnostics, and vaccines as they came to market from 2020-2022.
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MEDMARC Ltd. (the MEdical Device Mutual Assurance and Reinsurance Company Limited) started operations to provide #ProductsLiabilityInsurance coverage for the manufacturers of #MedicalDevices and in vitro diagnostic products. Today we remain the longest continuous carrier to provide insurance coverage to the #LifeSciences industry. Follow us for highlights of our 45-year journey in 2024. #Medmarc45