January 2, 2012
Laura Brockway, communications and advertising manager
(512) 425-5936 or email@example.com
Austin, TX — Texas Medical Liability Trust (TMLT) proudly announces that, effective December 27, 2011, it has entered into definitive agreements to acquire Physicians Insurance Company (PIC), a Florida-based medical malpractice insurance company. TMLT also entered into agreements to purchase several related entities, including Managed Insurance Services (MIS), National Institute of Quality Assurance (NIQA), Insurance Software Design (ISD) and Insurance Innovations (Innovations). These affiliated companies own and/or control various insurance-related businesses and e-commerce platforms including OnLine-PL and E-Professional Insurance.
While the parties executed a formal purchase agreement effective December 27, 2011, it is anticipated that the PIC acquisition will officially close in early 2012, pending requisite approvals from applicable state insurance regulatory bodies. TMLT closed the purchase of the holding company, which owns MIS, NIQA, ISD and Innovations, effective as of the end of 2011.
"PIC has an entrepreneurial spirit and we will be proud to bring them into the TMLT family," said TMLT President and Chief Executive Officer Charles R. Ott, Jr. "Our acquisition of PIC will diversify our product base, enable us to expand to new markets, and bring a more technology-based approach to the way we do business."
"We are excited for this new chapter of the PIC story. Our partnership with TMLT will allow us to significantly increase our capital base and security to our physician clients. It will also provide a platform to expand our cutting edge technology and underwriting process to a broader market," commented Dan O'Neal, President of PIC.
TMLT is the largest medical liability insurance provider in Texas, serving more than 15,000 Texas Medical Association (TMA) member physicians. Rated A (Excellent) by A.M. Best Company, TMLT was created and is endorsed by TMA and owned by its physician policyholders. TMLT is headquartered in Austin.
PIC is a leading technology and insurance service firm based in Deerfield Beach, Florida. PIC has provided medical professional liability 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.