In our fourth annual review of the Physician Insurers Association of America (“PIAA”) companies, BMS continues to look at:
1. how the profitability of member companies has changed over the past decade;
2. the profitability of their current business;
3. the level of redundancies in loss and loss adjustment expense reserves that has been released in recent years; and
4. how much redundancy remained as of December 31, 2013.