Murphy has been the Massachusetts Commissioner of Insurance since 2010
Coverys has announced that the Commissioner of Insurance, Joseph Murphy, will join the medical professional liability company as its new Chief Operating Officer. Murphy, who resigned his appointment as Commissioner of Insurance effective December 10, 2014, will join the Boston-based company on January 5, 2015.
Joe brings years of experience in the insurance field both at a state and national level,” said Gregg L. Hanson, CEO and President of Coverys. “He has a tremendous track record at promoting innovation in the industry such as his involvement with implementation of health insurance reform and introducing managed competition into the private passenger automobile insurance market. He is the ideal candidate to help Coverys continue to serve the insurance needs of physicians, hospitals and healthcare systems throughout the country.”
As COO, Murphy will be charged with overseeing the underwriting, marketing, and risk management of the Coverys team. He will also play a pivotal role in the executive of Coverys’ long-term strategic plan according to the company announcement.
Commissioner Murphy will be replacing COO Jack Donehue, who announced his retirement earlier this year. Donehue will remain on at Coverys to help with Murphy’s transition into his new position and to serve in an advisory capacity to the company.
A resident of Charlestown, Murphy graduated from Suffolk University with degrees in History and Political Science. He served for twelve years as the Chief of Staff for the Joint Committee on Financial Services in the Massachusetts House of Representatives. In 2006, Murphy joined the Massachusetts Division of Insurance as First Deputy Commissioner. In 2010, he was appointed Commissioner of Insurance by Governor Deval Patrick.
More about Coverys
Headquarted in Boston, Coverys is the eighth largest medical professional liability insurance provider in the country (based on direct written premium). The company currently insures more than 25,000 physicians, surgeons, dentists, certified nurse midwives and allied healthcare providers.
The company, which has been selected a Ward’s 50 Company for the last five years, has net admitted assets of $3.4 billion, direct written premium of $363 million and policyholder surplus of $1.4 billion, as of December 31, 2013.
Insurance member companies of Coverys include Medical Professional Mutual Insurance Company (“ProMutual”) and ProSelect Insurance Company, as well as ProMutual-sponsored Coverys RRG, Inc. all which have a Best’s Rating of A (Excellent); MHA Insurance Company and Washington Casualty Company which have a Best’s Rating of A- (Excellent) and OHA Insurance Solutions, Inc., an Ohio domestic insurance company that is not rated at this time.