Fox Rothschild Represents Healthcare Providers Insurance Exchange in Acquisition by Medical Mutual Insurance Co. of North CarolinaJune 10, 2015 – Press Releases
A team of attorneys from Fox Rothschild LLP, led by Partners Peter Buckley and Carl Maio and Senior Associate Sandra Romaszewski, guided Healthcare Providers Insurance Exchange (HPIX), a top 10 insurer of physician commercial medical professional liability in the Mid-Atlantic area, in an acquisition in which HPIX’s rights, title, interests in and policies will be acquired by Medical Mutual Insurance Company of North Carolina (Medical Mutual), a leading provider of medical professional liability for physicians in the Southeast.
The companies announced today that they have signed a definitive agreement for the transaction, the closing of which is subject to approval by the Pennsylvania Insurance Department and North Carolina Department of Insurance, as well as other customary closing conditions. Pending those approvals, the acquisition is expected to close later this year. Terms of the transaction were not disclosed.
“Joining Medical Mutual advances HPIX as the leading brand for Medical Professional Liability Insurance in the Mid-Atlantic and preserves the physician-owned, customer centricity of HPIX’s insurance platform,” said Tom Gaudiosi, Vice Chairman and Chief Executive Officer of HPIX. “With so much insurance M&A focused on cost, this transaction is unique because it is precipitated by a strategy to build worth and unlock value for our current and future members. Through an intense and diligent search, we found Medical Mutual to be the most symbiotic and synergistic partner. There is an obvious fit between HPIX and Medical Mutual that will be apparent to our policyholders as we deliver tangible benefits that will ensure their long-term success.”
“The addition of HPIX policyholders to Medical Mutual will provide benefits to both sides,” said Dale Jenkins, Chief Executive Officer of Medical Mutual. “The partnership expands Medical Mutual’s geographic footprint into the Mid-Atlantic States and continues the HPIX legacy of providing outstanding service, products and resources to policyholders. Medical Mutual and HPIX share a culture and philosophy focused on serving physician members.”
Upon completion of the transaction, Medical Mutual will offer employment to a majority of current HPIX employees who are integral to the future growth and success of the organization. “We are delighted to welcome a very experienced and talented team of HPIX professionals, in addition to their clients, agents, and brokers, to Medical Mutual,” said Jenkins. “As we continue to witness the expansion and growth of regional physician practices throughout the country, we are excited to work with their agents and brokers to build upon the HPIX franchise and expand the reach of Medical Mutual into the Mid-Atlantic.”