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Medical Mutual Celebrates 30th Anniversary
Reprinted with permission from the Maine Medicine Weekly Update, a publication of the Maine Medical Association September 1, 2008
“On behalf of the leadership of MMA, it is my honor and privilege to extend our heartiest congratulations to all those involved in the company’s success during these past thirty years. We look forward to future anniversaries of what is, in our opinion, the most successful small market physician mutual company in the nation.”
— Gordon Smith, Esq. EVP of MMA
Sept. 1, 2008 marks the 30th anniversary
of Medical Mutual Insurance Company
of Maine which formally began operations
on Sept. 1, 1978. The company
held an anniversary event in Portland on
Friday to commemorate the event.
In remarks to attendees Friday, company
President Terrance Sheehan, M.D.
noted that while the company has
enjoyed great success over the years, when
it began, that success was not guaranteed.
Many observers in the late 70’s, particularly
traditional insurance types, referred
to such efforts as “bedpan” mutuals and
asserted that a group of physicians could
never successfully operate a medical liability
insurance company. They could not
have been more wrong.
Mutual liability companies
organized by physicians in
many states now insure the vast
majority of physicians in the
country. While many companies
have merged or been sold,
Medical Mutual has stayed true
to its roots. It is still governed
by a board with a strong majority
of physicians and all the
committees, including claims
and underwriting, are chaired
by physicians. While the company
has expanded by writing
insurance for physicians in
New Hampshire and Vermont
and the company now also insures hospitals
in the three Northern New England
states, the largest segment of business is
with Maine physicians.
Two physicians present at Friday’s
event have been leaders in the company
since its creation, current Board Chair
William Medd, M.D. of Norway and
Jeremy Morton, M.D. of Portland.
MMA congratulates Drs. Medd, Morton
and all the physicians who have been
involved with the company through the
years. It has been a remarkable journey.
Former company leaders including
William Maxwell, M.D., Frederick
Holler, M.D., and Patrick Dowling.
M.D., also deserve recognition for their
leadership during their respective terms as
President of the company.
MMA, through the vision and leadership
of Dr. Dan Hanley, at that time
Executive Director of MMA, was instrumental
in the effort to establish Medical
Mutual in 1978. MMA provided an
important capital component, which was
paid back to MMA in the 1980’s
through the authority of the Bureau of
Insurance. Along with a bank loan and
subordinated loan certificates by the
insureds, this loan helped to establish the
company. Dr. Hanley went on to serve as
an active Board member of the company
until the time of his death. MMA continues
to endorse Medical Mutual as the
preferred liability insurance carrier for
MMA members.
“It is fair to say that MMA and Medical Mutual are the two organizations that Maine physicians rely upon everyday to maintain a reasonable liability climate in Maine and to protect their hardearned assets.” noted Gordon Smith, Esq., EVP of MMA. “On behalf of the leadership of MMA, it is my honor and privilege to extend our heartiest congratulations to all those involved in the company’s success during these past thirty years. We look forward to future anniversaries of what is, in our opinion, the most successful small market physician mutual company in the nation.”