The Doctors Co., FPIC Insurance Group
The Doctors Co. acquired FPIC Insurance Group Inc. a Florida-based provider of medical professional liability insurance for physicians, dentists and other healthcare providers. The Doctors Co. will acquire FPIC for $42 per share in cash, representing an aggregate purchase price of approximately $362 million.
FPIC’s 18,000 insureds will be transferred to The Doctors Co. With this merger, The Doctors Co. will enhance its position as a leading insurer of physician and surgeon medical liability with more than 70,000 members, the companies said.
The Board of Directors of FPIC has unanimously approved the transaction and has resolved to recommend that its shareholders approve the merger agreement. The transaction is expected to close by the fourth quarter of 2011 and is subject to customary closing conditions, including the receipt of regulatory approvals and approval by the holders of a majority of the outstanding shares of FPIC common stock.
Sandler O’Neill + Partners L.P. acted as financial advisor to FPIC and Weil, Gotshal & Manges LLP provided legal advice.
Digital Insurance, Employee Benefits by Design, Strategic Benefits Consultants
Digital Insurance Inc., an employee benefits agency specializing in insurance for small businesses and mid-sized companies, acquired Employee Benefits by Design in Chicago and Strategic Benefits Consultants (SBC) in Scottsdale, Ariz.
The principals and team members of both firms will continue operating the agencies.
Digital is licensed to operate in all 50 states, but the acquisitions are its first in the Midwest and Southwest.
Established in 1933, Employee Benefits by Design serves employers primarily in the Chicago area.
SBC is one of the 25 largest independent brokerage firms in Arizona and serves clients throughout the Southwestern U.S.
Digital is in an aggressive expansion mode. The company closed 2010 with $17 million in acquisitions, a pursuit that continues in 2011 through a variety of methods.
PBS Insurance, Todd R Soll Insurance Services
PBS Insurance Underwriting Corp acquired Todd R Soll Insurance Services Inc. of Sherman Oaks, Calif. TRS is a wholesaler for professional liability (medical malpractice) insurance coverages throughout the country.
TRS will be changing its name to PBS Insurance of California.
PBS Insurance, a national wholesaler, said it is looking to purchase or start up offices in Texas, Florida, Illinois, Colorado and Ohio in the next couple of years. All offices will be independently owned and contracted through PBS Insurance.
Ustun Inan Insurance, The Iroquois Group
Ustun Inan Insurance, an agency celebrating its 29th year of business in Fremont, Calif., joined The Iroquois Group, according to agency principal Ustun Inan.
Inan has been in the property and casualty insurance business since 1981, and has been an independent agent since 2004.
Iroquois, a network of property and casualty insurance agencies, lists more than 1,800 member agencies in 37 states.
McMullen Insurance, ISU Network
McMullen Insurance Agency of Elko, Nev., joined the ISU Network.
The agency was established in 1952 by Hugh D. McMullen and is currently owned by his son H. Russell McMullen and Russ’ wife, Anne. The agency provides personal, commercial and health insurance products that meet the needs of their rural market with an emphasis on public entities. Currently Russell McMullen sits on the board for the Nevada Surplus Lines Association.
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