Lansing, Mich.-based FinCor Holdings, Inc., an integrated risk management corporation serving health care providers and facilities, today announced its acquisition of Issaquah, Wash.-based medical malpractice insurer, Washington Casualty Company (WCC).
FinCor paid $9.8 million in cash for WCC, Washington’s fourth-largest medical malpractice insurer. Final approval for the sale came at a hearing today in Thurston County, Washington Superior Court.
FinCor, in a written statement said the transaction represents an important advance in its business toward a consultative service model, offering hospitals and health care providers risk financing programs, risk management solutions, and comprehensive insurance coverage. The addition of WCC also fits FinCor’s national growth strategy aimed at entering new markets organically and through acquisitions. With the addition of WCC, FinCor will provide insurance services in 12 states.
“WCC’s strength and values align perfectly with those of FinCor. As a result, we are confident this transition will be seamless,” said FinCor President and CEO Thomas Dickinson. “Like WCC, FinCor has a reputation for valuing client relationships and focusing on providing solutions that work. This is evidenced by FinCor’s historically high client retention rate, and the fact that we have clients who have been with us for more than 30 years.”
FinCor’s subsidiary, the MHA Insurance Company, provides medical liability insurance to hospitals and physicians, insuring more than 250 health care facilities and 5,000 physicians throughout the Midwest.
MHA Insurance Co. currently insures hospitals and physicians in Michigan, Indiana, Ohio, Wisconsin, Kentucky, Iowa, Minnesota, North Dakota and South Dakota. The addition of WCC will extend the Company footprint to Washington, Oregon and Idaho.
Source: FinCor Holdings, Inc.
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