May 24, 2102
Laura Brockway, communications and advertising manager
(512) 425-5936 or firstname.lastname@example.org
Austin, TX — On May 1, 2012, Texas Medical Liability Trust (TMLT) received official consent from the Florida Office of Insurance Regulation to finalize its acquisition of Physicians Insurance Company (PIC).
The purchase benefits PIC's policyholders and the Florida medical professional liability (MPL) marketplace due to the support of TMLT's strong financial position. For TMLT, the purchase provides an opportunity for enhanced diversification, as well as offering a multi-dimensional approach to insurance and marketing.
In addition to TMLT's acquisition of PIC, on December 27, 2011, TMLT had closed on the purchase of several PIC group entities, which have brought market diversification and an alternative revenue stream to the Trust. These entities include Managed Insurance Services, LLC, National Institute of Quality Assurance, LLC, Insurance Software Design, LLC, and Insurance Innovations, LLC.
From Charles R. Ott, Jr., president and chief executive officer of TMLT: "PIC is an organization that TMLT admires and respects, and the acquisition offers us an excellent growth opportunity. We have every intention of retaining the PIC name and culture and expect the deal will strengthen our commitment to the Texas MPL marketplace."
From Dan O'Neal, president of PIC: "TMLT's purchase enhances the platform from which we operate. It takes an already strong organization and makes it even stronger."
Background — TMLT
The largest medical liability insurance provider in Texas, TMLT serves more than 15,500 Texas Medical Association (TMA) member physicians. Rated A (Excellent) by A.M. Best Company, the Trust was created and is endorsed by TMA and owned by its physician policyholders. TMLT is headquartered in Austin, Texas.
Background — PIC
A leading insurance provider, technology and insurance service firm based in Deerfield Beach, Florida. PIC has provided MPL insurance to Florida physicians since 2003. In addition to its core physician business, PIC, through its subsidiaries, provides diversified insurance products and service to the medical and non-medical professional liability marketplace in all 50 states.