Utah Medical Insurance Association, a provider of medical professional liability insurance for physicians, and The Doctors Co., an insurer of physician and surgeon medical professional liability, have entered into a merger agreement in which UMIA will be acquired by The Doctors Co. through its wholly owned subsidiary, Underwriter for the Professions Insurance Co.
Following the merger, Underwriter for the Professions Insurance Co. will change its name to UMIA Insurance Co., a Member of the TDC Group of Companies.
“We believe the partnership between UMIA and The Doctors Company will provide significant value to our physician policyholders,” said Martin J. Oslowski, UMIA’s president and CEO said in a statement. “Both organizations share a common mission of providing outstanding service to our members, and this synergy was an important factor as we decided to enter into the agreement.”
With the merger, The Doctors Co.’s number of physician policyholders will grow to 76,000.
The UMIA board of governors unanimously approved the transaction and recommended that UMIA’s subscribers approve the merger agreement. The transaction is expected to close before the end of the first quarter of 2013.
UMIA is a provider of medical professional liability insurance for physiciansin Utah, Montana, and Wyoming. It is an Oregon reciprocal insurance company with its principal administrative offices in Salt Lake City, Utah. It is managed by USMA Insurance Management Co., its attorney-in-fact. The board of the attorney-in-fact has approved the merger. UMIA is owned by and operated in the interest of its policyholders, referred to as “subscribers.” As a result of the merger, the purchase price will be paid to UMIA’s subscribers, and the subscribers will continue their insurance coverage with UMIA Insurance Co.
Napa, Calif.-based The Doctors Co. has 73,000 members and $4 billion in assets.