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Unlike traditional brokers, we use data to help drive our client's decisions... read more

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Information is critical to anyone charged with risk management. Below is a listing of relevant, real time industry insights we have complied. Follow us to stay up to date on what we are reading and thinking.

Hospitals Facing False Claims Act Investigations over ICDs for Medicare Patients

A Modern Healthcare article cites a growing investigation by the US Justice Department into hospitals who charged Medicare for implantable cardioverter defibrillators (ICDs). This is the latest in a trend of the federal government seemingly treating disagreements in treatments as an attempt to defraud taxpayers. Allegations under the False Claims Act have the potential for massive judgments and bring with them extensive defense costs.

Calculated Risk Advisors is working with their clients to ensure proper coverage for directors, officers and any entities in the event of allegations like the ones described. Contact us today to discuss your professional liability insurance program.

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Accounting Firm Hit with $50M E&O Verdict, Sues Insurer

Accountant Baker Tilly Virchow Krause L.L.P. has received a $50M professional liability verdict against the firm. Baker Tilley found a defect in an audit but waited a year to disclose the issue to the client, the client (Aqua Finance) alleged that the abrupt resination of their auditor “dramatically and catastrophically impeded the company’s crucial access to the credit necessary to maintain and grow its business”.

Lexington Insurance, a division of Chartis, denied the Errors and Omissions claim brought under Baker Tilly’s E&O policy citing prior knowledge by the firm.

Calculated Risk Advisors helps all clients carefully review claims made wording and implement processes to prevent the denial of claims. Online quoting for small firms is available at http://InsureAccountants.com

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ProAssurance Announces Merger with Medmarc

ProAssurance (PRA) has announced an agreement for the acquisition of Medmarc, a mutual company focused on the life science industry. Both boards have approved the merger but the demutualization of Medmarc must be approved by eligible members.

The deal will potentially bring an AM Best “A” rating to Medmarc and additional diversification for both companies. In the 12 months ending March 31st ProAssurance had $575.3M in Gross Written Premium while Medmarc had $40.5M.

Calculated Risk Advisors provides in depth financial analysis of insurance companies to clients. They strongly advise insureds to avoid companies who concentrate in one area of risk as the correlation of losses is generally underestimated by rating agencies.

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Rite Aid pays $20.9M to settle Wage and Hour claims

Rite Aid paid $20.9M to settle a number of lawsuits relating to unpaid overtime of assistant managers. This is the latest in a series of high profile settlements in this area.

Calculated Risk Advisors is working with their clients to properly insure against allegations of violations of the Fair Labor Standards Act.


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University of Iowa settles birth injury case for $3.75M

The state of Iowa and a physician group at the University of Iowa will split a $3.75M settlement for a birth injury case. The allegations center of the misuse of Pitocin over the mother’s 28 hour labor.

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New Jersey Medical Centers Pays $9 Fine

A hospital in New Jersey will pay a $9M fine to resolve allegations of over billing Medicare.

Since January 2009, the federal government has recovered over $7.7B under the False Claims Act. Calculated Risk Advisors is helping clients protect their organizations against the cost of defending themselves against these types of investigations.

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Birth injury at Johns Hopkins

A birth injury at Johns Hopkins has resulted in a $55M verdict for the family. The family had attempted to give birth at home with a midwife but was the mother was rushed to Johns Hopkins with complications. The jury found that they delay in performing a C-Section once at the hospital was the cause of the child’s developmental disabilities.

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City CPA firm sued

As the case continues for the Dixon, IL controller who is alleged to have siphoned funds from the city to her own use, the city’s accounting firm has recently been sued for failed audits.  The city is claiming the CPA firm is negligent for overlooking nearly $50 million missing over the last number of years.  Calculated Risk Advisors realizes these types of allegations against accounting firms are not new, and assists all their CPA clients in making sure their insurance provides the right coverage for them.

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SEC rule driving purchase of cyber liability coverage

The very public loss of 6.5M passwords by LinkedIn has firms of all sizes worried for their own data. Reports from the NetDiligence Cyber Risk and Privacy Liability Forum say that much larger firms, before content to self insure, are now buying commercial cyber liability insurance.

The SEC document from 10/13/2011 is available here.

Calculated Risk Advisors is working with clients to ensure any potential loss of data is properly insured. They have experts in the field and understand the nuances of covering extra expenses like notification costs, forensic accounting and public relations expenses.

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Private Equity market heating up

A report from Crains Chicago Business cites local PE firms picking up steam.

High investor expectations, increased regulations and a challenging investment environment have increased risks for firms over the last several years. Calculated Risk Advisors is working with our PE clients to not only address the risks of their portfolio companies but also of the funds themselves.

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