American Healthcare Providers Insurance Services Company Announces the Combination of its New Jersey and Maryland Insurance Exchanges with its Pennsylvania Exchange.
By: American Healthcare Providers LLC, Public Relations
Philadelphia, PA – November 25, 2008 -- American Healthcare Providers Insurance Services Company (“American”) announced today it has received final regulatory approval to combine the businesses of its New Jersey and Maryland exchanges with the business of the Pennsylvania exchange which American manages. The Pennsylvania exchange has also changed its name to Healthcare Providers Insurance Exchange (“HPIX”).
As a result, HPIX will become the policy issuing company which offers professional liability insurance to physicians and related entities in Pennsylvania, New Jersey, Maryland and Delaware. HPIX will retain its offices in Pennsylvania, New Jersey and Maryland. On November 1, 2008, HPIX acquired the assets and liabilities of the Maryland exchange and will acquire all the assets and assume all of the liabilities of the New Jersey exchange on December 31, 2008.
Thomas S. Gaudiosi, American’s CEO, stated: “The combination of the three exchanges benefits our physician members in many ways, not the least of which is that it will result in a stronger, well capitalized company with assets estimated at $100 million and policyholders’ surplus estimated at $30 million. This financial strength, and the resulting increase in operating efficiencies position HPIX for future growth. We have established HPIX as a leading Mid-Atlantic regional carrier providing physician professional liability insurance and we look forward to capitalizing on our strengths in the future. We are in the business of evolution and if we fail to successfully evolve and react to the changing insurance market, we will become extinct. We believe that this consolidation is in the best interest of our physician members. This transaction has been met with a great deal of excitement by our physician member focus groups, and I expect the same level of enthusiasm from prospective physician members as well.” 30 South