Regional medical malpractice insurer MagMutual Insurance Co. said it has reached a deal to acquire the South Carolina Physician Assurance Co., another provider of medical malpractice insurance.
South Carolina Physician Assurance was licensed in 2008. It is is owned by physicians and run by the South Carolina Medical Association. It writes in South Carolina only.
The Atlanta-based MagMutual offers medical malpractice coverage in Alabama, Arkansas, Florida, Georgia, Kentucky, North Carolina, South Carolina, Tennessee and Virginia. In 2011, it reported it had 17,305 physician policyholder-owners and had $253 million in gross written premium, down from $296 million in 2010. It reported $594 million in policyholder surplus in 2011.
The deal is set to be finalized by March 31, pending approval by the South Carolina Department of Insurance.