Medical Protective said Tuesday that the medical professional liability insurer will reduce rates for Texas doctors an average of 7.3 percent, beginning Jan. 1, 2008.

This will be the company's fifth reduction in the last three years, effectively reducing malpractice premiums an average of over 30 percent.

The company also plans to implement two new credits for qualified applicants and policyholders, a New-to-Company credit and a Preferred Physician credit.

Medical Protective President and CEO Timothy Kenesey attributes the reduction in premiums to the passage of tort reform in Texas in 2003.

The company has more than 9,000 policyholders in Texas. Fort Wayne, Ind.-based Medical Protective is owned by Berkshire Hathaway.