US based The Doctors Company and Utah Medical Insurance Association (UMIA) have inked a merger agreement, in accordance with which the former will acquire the latter through its wholly owned subsidiary, Underwriter for the Professions Insurance Company.
The underwriter services provider to medicos said that after completion of the deal, the acquirer subsidiary will rebrand itself as UMIA Insurance Company, a Member of the TDC Group of Companies.
The Doctors Company managing director, facp, chairman and CEO Richard Anderson said, "The combined organization will provide UMIA policyholders with the financial strength of a physician-owned insurer with multiple A ratings and a commitment to relentlessly defend, protect, and reward its members."
The completion of integration will enable the acquirer to boost its medical insurance capabilities in the region, bringing the number of physician policyholders to 76,000.
The deal has already been backed by the UMIA Board of Governors, and is expected to complete before the end of the first quarter of 2013, pending regulatory approval.
UMIA, a mutual insurance company, is managed by USMA Insurance Management, and offers medical professional liability insurance for physicians, clinics and hospitals.
The Doctors Company was set up in 1976 to offer physician and surgeon medical professional liability services, having 73,000 members and $4bn in assets.