Healthcare Providers Insurance Exchange (“HPIX”) decided to voluntarily cease operations and begin an orderly run-off of its policyholder obligations on December 31, 2015. We are pleased to provide this update on our progress.
Medical Mutual and HPIX announced today the completion of the policy acquisition, which was effective on January 1, 2016. The acquisition expands Medical Mutual’s footprint into the Mid-Atlantic territory, and is expected to grow its insured count by almost 20%.
Healthcare Providers Insurance Exchange sought out strategic acquirers in a process where it emphasized the importance of maintaining its physician-owned status and retaining its claims and underwriting values.
HPIX & Medical Mutual: Three Years In The Making
We are very excited to announce that HPIX has signed a definitive agreement under which Medical Mutual Insurance Company of North Carolina will acquire the rights, title, interests in, and the policies of Healthcare Providers Insurance Exchange. The deal is expected to close later this year, at which time, HPIX insureds will become members of Medical Mutual.
We look forward to sharing more information about the new HPIX/Medical Mutual experience. It is apparent to all of us that HPIX and Medical Mutual are two very synergistic counterparts. We both share a deep commitment to our insured physicians, their well-being, and their dedication to practicing quality medicine.
Medical Mutual Insurance Company of North Carolina, a leading provider of medical professional liability for physicians in the Southeast, and Healthcare Providers Insurance Exchange, a top ten insurer of physician commercial medical professional liability in the Mid-Atlantic area, today announced that they have signed a definitive agreement under which Medical Mutual will acquire the rights, title, interests in, and the policies of Healthcare Providers Insurance Exchange.
On September 1 2014, Healthcare Providers Insurance Exchange (HPIX) acquired its attorney-in-fact, American Healthcare Providers Insurance Services Company, LLC (AHPIS) from its original owner, Duane Morris LLP in part one of a two step reorganization.
The acquisition of the attorney-in-fact resulted in a combined entity, set to capture the profits of both HPIX and AHPIS under one owner.