Medical Professional Mutual Insurance Co. (ProMutual), a Coverys member company, has plans to acquire Preferred Professional Insurance Co. (PPIC), located in Omaha, Neb.
PPIC supports Catholic healthcare systems across the country by providing professional liability insurance, other casualty coverages, and an array of risk transfer products and services. Admitted to write insurance in all 50 states and the District of Columbia, PPIC insures over 8,000 healthcare providers nationwide.
The acquisition is subject to approval by a vote of PPIC shareholders scheduled for June 11, 2014, as well as approval by the Nebraska Department of Insurance and other customary conditions. Pending those approvals, the acquisition is expected to close during the third quarter of 2014.
Sherman & Company LLC acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor for Coverys. Raymond James acted as financial advisor and Kutak Rock LLP served as legal advisor to PPIC.