Personal Lines ALL IBR | Personal Lines Personal Lines Home |News |White Papers |Suppliers |Companies Return to: IBR Home | General Insurance | Personal Lines Select a Insurance sector ------------------------ Commercial Lines Personal Lines Claims Insurer ------------------------ Life Insurance & Pensions ------------------------ Brokerage Underwriting London Lloyds ------------------------ Reinsurance ------------------------ Technology in Insurance Outsourcing ------------------------ Regulatory & Risk Personal Lines News MMIC receives approval from Oregon Insurance Department to acquire UMIA IBR Staff Writer Published 08 May 2013
MAG Mutual Insurance Company (MMIC) has received final approval from the Oregon Insurance Department to move ahead with the acquisition of Utah Medical Insurance Association (UMIA).
The acquisition plan of Utah-based medical professional liability insurance provider, UMIA, was announced by the company in February.
Having already secured Minnesota Approval of Investment in April, MMIC now requires a ''yes'' vote from two-thirds of all UMIA members, from a pool of at least 101 voters, to proceed with the transaction.
The company is expecting a closing date of 28 June, with an effective date of 30 June for the outcome.
MMIC president and CEO Bill McDonough said the company will ensure seamless integration for UMIA customers by maintaining all expected local services, and deliver additional value through expansion of the products and services currently offered by UMIA.
''Existing staff will manage UMIA and serve subscribers locally, and UMIA will continue to operate as an independent company and independent brand in its markets,'' McDonough added.
As part of the acquisition, UMIA policyholders will receive an initial payment within 10 days of the closing date.
Atlanta-based MMIC is a physician-owned medical professional liability insurer in the Southeast and provides medical professional liability (malpractice) insurance in Alabama, Arkansas, Florida, Georgia, Kentucky, North Carolina, South Carolina, Tennessee and Virginia.
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2013> May
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