Cooperative of American Physicians, Inc. (CAP) Announces the Retirement of CEO James L. Weidner

LOS ANGELES, June 19, 2014 /PRNewswire/ -- After 20 years serving as the Chief Executive Officer of the Cooperative of American Physicians, Inc. (CAP), James L. Weidner will retire from the organization effective March 1, 2015.

Mr. Weidner, 66, will remain with the Company for the next nine months to focus on succession planning, reinsurance placement, managing CAP's public affairs strategy to protect the Medical Injury Compensation Reform Act (MICRA) in California, and the hiring of a strategic planning advisor.

A search committee led by Béla S. Kenessey, MD, President and Chair of the Cooperative of American Physicians Board of Directors, and Juan Carlos Cobo, MD, Chair of the Mutual Protection Trust (MPT) Board of Trustees, has been formed to find a successor.

"Since joining CAP as CEO in 1995, Jim Weidner has transformed CAP into a broad-based provider of services for physicians, groups, and health care facilities and has cemented the company's role as a leader in the medical professional liability industry," said Dr. Kenessey. "As we begin the search for Jim's successor, we will maintain CAP's focus on providing innovative services that health care providers rely on to remain competitive. We are grateful to Jim for his contributions, guidance, and leadership over the past 20 years and wish him all the best."

"During the transition, Jim will continue to lead our experienced management team and contribute to the essential goal of preserving MICRA in the face of the November initiative that targets this landmark law," said Dr. Cobo. "We are committed to ensuring a smooth and stable leadership change and maintaining excellence in all facets of the CAP enterprise."

Mr. Weidner has been instrumental in growing CAP, expanding its service offerings and improving the financial strength of the organization, which led to MPT earning an A+ (Superior) rating from A.M. Best. During Mr. Weidner's tenure, CAP has increased physicians covered by its medical malpractice product, the Mutual Protection Trust, by 300 percent. He was also pivotal in the expansion of CAP's product offerings to include protection for hospitals and large physician groups through the CAPAssurance risk purchasing group, launched in 2013.

During his time with CAP, Mr. Weidner was elected chair of the Physician Insurers Association of America (PIAA), the insurance industry trade association and received the PIAA's 2014 Peter Sweetland Award of Excellence for his significant contributions and dedication to the MPL insurance industry. Mr. Weidner also donates his time to numerous charities. He is a member of the board of directors for the National Insurance Council for City of Hope, as well as the Chicago Sinfonietta, an orchestra dedicated to diversity of musicians, audiences, and music.

"I am proud of the organization we've built at CAP, the products and risk management tools we have developed, and the protection we provide physicians, hospitals, and medical groups," commented Mr. Weidner. "I look forward to watching CAP continue to grow and remain committed to the organization, its professionals and customers."

As part of the transition, Cindy Belcher will assume the new role of Chief Operating Officer. Ms. Belcher joined CAP in 1999 and has served in numerous roles including director of marketing/customer relations, vice president of membership, and most recently senior vice president of corporate strategy & business development, overseeing the organization's underwriting, business development, membership and membership development functions. She retains her position as COO of the Cooperative of American Physicians Insurance Company, Inc., a Hawaii-domiciled subsidiary of CAP that is rated A- (Stable) by A.M. Best.

About the Cooperative of American Physicians, Inc.

The Cooperative of American Physicians, Inc. (CAP) was established in 1975 by a group of California physicians to manage the escalating cost of medical professional liability coverage. Two years later, CAP formed the Mutual Protection Trust, which today provides protection to some 12,000 of California's finest physicians, and which has earned an A+ (Superior) rating from A.M. Best since 2006. In 2013, CAP created the CAPAssurance Risk Purchasing Group, providing hospitals, facilities, and large physician groups access to top-rated liability and risk management services. Based in Los Angeles, CAP also has offices in San Diego, Orange County, Sacramento, and Palo Alto. For more information, visit www.CAPphysicians.com.

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SOURCE Cooperative of American Physicians, Inc.