About ALAS
Introduction
ALAS is the largest lawyer-owned mutual insurance company in the United States. The company was founded in 1979 by 35 law firms with $1 million in capital. Today, ALAS’s membership comprises 242 firms and approximately 61,000 lawyers headquartered in 46 states and the District of Columbia. The company has total assets of over $2.2 billion, including an investment portfolio valued at over $1.4 billion. As of November 30, 2007, our members’ net worth was a record $662.7 million.
Service
ALAS was founded to provide quality law firms with a stable source of insurance coverage and a level of service that they could not find in the commercial marketplace. Our Claims, Loss Prevention, and Member Services departments are staffed by lawyers with significant experience in private practice. Moreover, our only business is providing insurance coverage for large law firms. Our years of experience give us unique insight into the problems facing our members. Whether those issues involve difficult claims, complex loss prevention questions, or the coverage needs of our firms as they confront new forms of exposure, we provide service to our member firms that is second to none.
Limits, Coverage, and Rates
ALAS offers limits of up to $75 million per claim and $150 million in the aggregate, the highest limits available to law firms in one policy from any single insurer. In addition, our policy form is the most comprehensive available to law firms in the insurance industry, particularly in areas such as punitive damages. We provide our member firms with stable pricing by setting rates based on projections of our actual loss costs. Rates are approved by the ALAS Board of Directors, composed primarily of senior partners from member firms.
ALAS’s operations are regularly reviewed by our rating agencies, Fitch and Standard & Poor’s. Both agencies have recently reaffirmed our 'AA-' rating for financial strength, with a stable outlook.
Conclusion
Our member firms justifiably expect ALAS to be the leading provider of professional liability coverage for large law firms. We look forward to continuing to serve their needs and the profession generally in the years to come. If you are interested in an insurance program that emphasizes service and broad, stable coverage in a mutual setting, we encourage you to explore this site and to contact us with any questions or requests for additional information.