The Ohio Department of Insurance (ODI) granted licensure for a doctor-owned medical malpractice insurance company in Ohio December 14, 2004. The company, Healthcare Underwriters Group Mutual of Ohio (HU), headquartered in Columbus, Ohio is run for and by doctors and offers protection against claims of malpractice. Although rates are not predicted to be much lower than other Ohio insurance companies, HU hopes to avoid the dramatic increases seen in recent years. The company has indicated that they already have 200 applications in with a goal of 500 in the first 12 months. The company is organized as a not-for-profit corporation. It will carry group reinsurance so physician policyholders will not be assessed for unanticipated losses. However, excess profits will be distributed either as dividend payments or as reductions in future premiums, subject to the approval of the state insurance regulator, according to the company.