Cover of 2025 annual report

2025 Annual Report

45 Years of Unwavering Protection

As we reflect on a year of supporting our Members, Physicians Insurance is Ready for What's Next.

1981-2026

Our Beginning

Forty-five years ago, facing a major medical malpractice insurance crisis in the US, a group of physicians came together to build a better way to manage the risks associated with practicing medicine. 

Their vision was an insurer grounded in the principles of physician control, long-term commitment, improving patient care, and rigorously defending good medicine. Their vision became reality in 1981, when Physicians Insurance A Mutual Company was born.

Key Results of Our Work

92.3%

public-trial win rate over the previous 10 years

88%

of premiums dollars spent on claims and policyholder defense

Rated A-

 (Excellent) by AM Best

Greetings, Colleagues

A Message from Our Board Chair


"As physicians, we step into exam rooms and operating suites every day committed to doing what is best for our patients—and always aware of how deeply our decisions matter to those who place their trust in us. Along with this privilege, we must navigate the challenge of an evolving healthcare and professional liability environment."

- Dr. Shane E. Macaulay, Board Chair

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A portrait of Shane Macaulay, MD.

What We Stand For

Strong Financials

Your peace of mind is paramount. Whether insuring a hospital, medical practice, or community healthcare center, we have the financial resources to ensure our Members are protected by the best coverage and services possible.

Financial Summary

Unwavering Protection

We fiercely protect, defend, and support your organization, your business, your reputation, and your life’s work. We are a mutual company that partners with leading defense counsel, brokers, and other experts to ensure Member interests are protected. 

About Us

Empathetic Expertise

When your life’s work is on the line, you need more than expertise. You need people who understand what’s at stake and who listen to you. Our business is about helping Members overcome their obstacles as quickly as possible to achieve a good outcome.

About Us

Agile Guidance

Your healthcare organization must keep pace with the industry, so we keep pace too. We constantly look for novel solutions to new challenges, and act with the urgency Members need and deserve while professionally guiding them through the underwriting, risk management, and claims processes.

About Us

Dear Members

A Letter from Our President & CEO

"With a steadfast commitment to our Members nationwide , PI has built a legacy grounded in financial strength, excellent service and trusted relationships. In our 45th year, we celebrate our journey — and the future we are shaping together ."

- Dr. David Carlson, DO
President & CEO

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Dr. David Carlson, DO

Our Finances

$205m

Gross Written Premium

$160m

Claims Incurred

$706k

Net Income

0.5:1

Premium-to-Surplus Ratio

0.89:1

Reserves-to-Surplus Ratio

$105m+

Dividends Returned to Members

An ultrasound is performed

A 40-Year Partnership, Built on Trust

As Physicians Insurance (PI) celebrates our 45th anniversary, we spoke with longtime Member Spokane OBGYN, which has been insured by PI since 1987. Denise Hansen, office manager at the women’s health practice, reflects on her organization’s decades of shared history with PI, how healthcare and risk management have evolved over time, and the value PI has provided along the way.

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A Spotlight on Our Work

A man sits in an office setting with a thoughtful look on his face.

Risk Management Recap: Helping Members Mitigate Risk for 45 Years

Since our founding in 1981, Physicians Insurance has been grounded in strong partnerships with our Members—partnerships we continually strengthen with our risk management services.

Two medical professionals converse over a medical chart.

Experience That Delivers: Decades of Claims Expertise, Delivered With Empathy

When Kari Adams joined Physicians Insurance in 1996, the 15-year-old mutual company was already grounded in its mission to protect, defend, and support our Members. Over the next three decades, she played a pivotal role in translating that mission into a disciplined, highly effective, and deeply human approach to claims.

Two medical professionals converse over a medical chart.

Experience That Delivers: Decades of Advocating for Our Members

When Anne Bryant joined Physicians Insurance in 1992, a government relations program did not exist at the company. Recognizing a pressing need to elevate the visibility of medical professional liability issues affecting the practice of medicine at the legislative and judicial levels, Anne went to work to fill that gap.

Member Satisfaction

See what our Members have to say about Physicians Insurance.

Get in Touch

Learn more about how Physicians Insurance can help you navigate the risks of care delivery.