More details to follow.
The Doctors Company Acquires FPIC Insurance Group, Inc.
The Doctors Company announced on OCtober 19, 2011, that it has completed its acquisition of FPIC Insurance Group, Inc. (NASDAQ:FPIC), the parent company of First Professionals Insurance Company, Inc.; Advocate, MD; Intermed; and Anesthesiologists Professional Assurance Company. FPIC is a major provider of health care liability insurance in Florida, Texas, Georgia, and Arkansas.
With the completion of the merger and the addition of 18,000 insureds, The Doctors Company solidifies its position as the nation's largest insurer of physician and surgeon medical liability, with 71,000 member physicians.
“Combining our two physician-founded companies strengthens our ability to defend, protect, and reward the practice of good medicine,” said Richard E. Anderson, MD, FACP, chairman and CEO of The Doctors Company. “We are pleased by the enhanced value that The Doctors Company will be able to offer physicians, including unparalleled service, exceptional financial strength, and outstanding member benefits. Among those benefits is our unrivaled Tribute® Plan, which rewards physicians for their loyalty to The Doctors Company and for the practice of good medicine.”
Upon renewal with The Doctors Company, physicians insured by FPIC and its subsidiaries will automatically participate in the Tribute Plan. In connection with the closing of the transaction, FPIC's common stock is being deregistered with the Securities and Exchange Commission and delisted with NASDAQ, and public trading of FPIC securities will cease at the close of market today. FPIC will function as a wholly owned subsidiary of The Doctors Company, and its operations are being integrated with the company's existing operations. The company will maintain FPIC's offices, including its Jacksonville, Florida headquarters, and Advocate, MD's office in Austin, Texas.
About The Doctors Company Founded by doctors for doctors in 1976, The Doctors Company (www.thedoctors.com) is relentlessly committed to advancing, protecting, and rewarding the practice of good medicine. The Doctors Company is the nation's largest insurer of physician and surgeon medical liability, with 71,000 members, $4 billion in assets, and an A rating from both A.M. Best Company and Fitch Ratings.