Word: cricos
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Dates: during 1984-1984
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...CRICO insures and the 12 Harvard-affiliated teaching hospitals...
Formed in 1975 to combat rapidly rising costs of malpractice insurance, CRICO charges lower rate than Massachusetts Joint Underwriting Association (JUA), a state backed agency which offers the only other policies in the state...
...When CRICO was first established, it had no claims to settle. With zero employees and no overhead costs, almost all of its revenues were pure profit. With an estimated $-40 million in assets. Creasey said he expects $26 million in revenues next year...
Although patients have made 475 claims in the eight years since CRICO's inception, Creasey said most are settled out of court. He added that the doctors win about two-thirds of those cases that go to trial...
Obstetrics and gynecology, two of the more costly areas have led to more than $6 millions of claims in those fields for CRICO...