The Board of Directors of HealthCap declares historic dividend
April 23, 2008
Ann Arbor, Michigan
The Board of Directors of the Health Care Industry Liability Insurance Program (HealthCap) has declared a cash dividend of $1.5 million to 2001 and 2002 policyholders. The dividend will be paid in three annual installments beginning no later than July 1, 2008.
"HealthCap was founded to provide a stable liability insurance platform for the long term care industry. HealthCap was the first major liability insurance operation to focus exclusively on the senior living industry, giving the industry the attention to detail that is required for effective service. This dividend validates the success of the HealthCap model and the high quality care provided by our members," said Les Stauske, Chairman of the Board of Directors.
"This represents approximately an 11% return of premiums earned for qualifying policyholders. Our conservative underwriting, proactive claim management, and mandatory risk management programs have shown consistently strong financial performance," said Peter Feeney, Managing Partner of Chelsea Rhone LLC, HealthCap's administrator.
HealthCap and its affiliate HealthCap RRG is a member-owned and member-governed liability insurance provider to the long term care industry. HealthCap has more than $215 million of assets and serves more than 1,500 facilities in 32 states. HealthCap provides industry-leading risk management and claim management services to member facilities, resulting in competitive and stable rates. It is an insurance provider that truly understands the needs of the long term care industry.