Medical Professional Mutual Insurance Company (ProMutual), a Coverys member company, has entered into an agreement to acquire Preferred Professional Insurance Company (PPIC), located in Omaha, Nebraska.
Coverys is the eighth largest medical professional liability provider in the country, based on direct written premiums, and provides medical professional liability insurance protection to physicians, hospitals, dentists and other healthcare providers in 26 states.
PPIC supports Catholic healthcare systems across the country by providing professional liability insurance, other casualty coverages and an array of risk transfer products and services.
Gregg Hanson, CEO and president of Coverys, said: "PPIC brings a wealth of knowledge and experience to the professional liability marketplace.”
“This acquisition provides Coverys the opportunity to offer enhanced products and services and to enter specialty markets to reach providers who may not have access to similar products within their current insurance programme."
The closing of the acquisition is subject to approval by a vote of PPIC shareholders scheduled for 11 June 2014. The closing of the acquisition is also subject to approval by the Nebraska Department of Insurance and other customary conditions.
Pending those approvals, the acquisition is expected to close during Q3 2014.
