Minneapolis, Minn. (May 4, 2007) The MMIC Group board of directors announced today that MMIC Group President and Chief Executive Officer David P. Bounk has informed the board that he will retire in June 2008. Bounk who also serves as president of Midwest Medical Insurance Company and MMIC Technology Solutions Inc. will retire from those companies as well. The board also announced that it has formed a search committee that soon will hire an executive recruitment firm to conduct an extensive nationwide search for Bounk's successor. The search will include internal candidates.
MMIC is one of the premier physician-owned specialty medical professional liability insurers in the country. Bounk assumed his role as president at the Upper Midwest's leading medical professional liability insurance organization in 1990. Under his direction, the company assets grew from $125 million to $442 million. The number of policyholders grew from 3,400 physicians in three states to more than 12,000 physicians, 800 clinics and 200 hospitals in six states.
"A leader nationally in the physician insurer movement, Dave has served well our profession," states Dr. G. Richard Geier, MMIC Group board chair and president of the Minnesota Medical Association. "The company he has built has supported physicians in the Upper Midwest in many ways beyond just liability insurance."
During Bounk's leadership, MMIC achieved rapid growth and returned $95 million dollars to its policyholders-$70 million in policyholder dividends, $10 million in stock restructure and $15 million in contributed surplus. He also was instrumental in MMIC's successful mergers with the Iowa Physicians Mutual Insurance Trust in 1993 and the Medical Liability Mutual Insurance Company of Nebraska in 1996. In the late 1990s, Bounk encouraged the MMIC board to devote substantial resources to independent product development and market research to address some of the non-insurance needs of MMIC's policyholders. The results of his work help established MMIC's subsidiaries-MMIC Technology Solutions Inc. and MMIC Agency Inc.
Bounk Announces Retirement Date continues
Before joining MMIC, Bounk served as executive vice president and COO of Missouri Medical Insurance Company, St. Louis, Missouri, from July 1982 to July 1990. There he was responsible for all operational units including finance, claim, underwriting, marketing and administration. From March 1977 to June1982, he served as executive vice president and COO of Old Reliable Fire Insurance Company, Webster Grove, Missouri.
Bounk has served on the board and as treasurer of the Physician Insurers Association of America. In 2004, he received the PIAA's Peter Sweetland Award of Excellence, which is given annually to an industry leader. In addition, Bounk served on the board of Health Care Liability Alliance, Minnesota Joint Underwriting Association and board of trustees for local Academy of Holy Angels High School. For the past five years, he has taught a portion of the University of St. Thomas' Physician Leadership Program.
Headquartered in Minneapolis, Minn., the MMIC Group provides medical professional liability, property and casualty insurance, and a range of technology and human resources products and services to physicians, clinics and hospitals in the Upper Midwest.
|
