Raleigh, N.C. – March 19, 2020 – The Curi Holdings Board of Directors has approved annual allocations to the company’s Legacy Fund and Policyholder Dividend programs, which provide a meaningful financial benefit to its members. Two new Board members were also elected by a vote of the policyholder members at the Company’s Annual Meeting.
At its winter meeting, Feb. 21 and 22, the Board approved a $6.9 million allocation to member Legacy Fund accounts for 2020, bringing the total allocation to $133.6 million since 2009. The Legacy Fund represents savings accounts for member physicians and medical practices, funded by a portion of Curi’s net income. Balances in Legacy Fund accounts mature tax-deferred and are paid to account-holders upon designated events, including qualifying retirement.
The largest individual balance to date is $117,188, and the largest individual payout to date is $84,144. Over the last five years, Legacy Fund allocations have averaged 10% of annual premium paid.
The Board also approved the disbursement of $3.4 million for a cash Policyholder Dividend for 2020. Curi has paid out a cumulative $42.7 million in dividends since 2008. Dividends have averaged 5% of annual premium paid over the last five years. The dividends will be paid out to qualifying physicians and practices in March.
“Even as we have expanded our business and our geographic reach in recent years, we have maintained our core commitment as a mutual: to share our success with the physicians who own this company,” said Curi CEO Dale Jenkins. “Our Legacy Fund and Policyholder Dividend programs are just two of the many ways that we continue to support our mission to help physicians in medicine, business, and life.”
Curi’s members elected two new physicians to the Curi Holdings Board of Directors—Dr. Jeffrey Forman of Bayview Physicians Group in Virginia and Dr. Caroline Wilds of Tryon Medical Partners in North Carolina. Mr. Jenkins, Dr. Rachel Ross, and Dr. Robert Schaaf—the Board’s current Chair—were also re-elected for another term on the Board.
Curi (www.curi.com) is the premier provider of products, services, and experiences for physicians and those who support them. From medical malpractice insurance to wealth management to well-being programs, the company—built by doctors for doctors—has been passionately curious about identifying new ways to meet the ever-evolving needs of physicians since it was founded as Medical Mutual Insurance Company of North Carolina in 1975.
Director of Communications, Curi