The Doctors Co., a Napa, Calif.-based medical malpractice company, plans to acquire American Physicians Capital, a healthcare liability insurer in East Lansing, Mich., for about $386 million.
Doctors Co. seeks to acquire liability insurer
American Physicians Capital provides medical professional liability insurance to clients in the Midwest and New Mexico, with about 8,800 policies, according to the publicly traded company. Its largest subsidiary is American Physicians Assurance Corp.
“This transaction delivers significant value to our shareholders,” said R. Kevin Clinton, president and CEO of American Physicians Capital, in a news release. “Additionally, our insureds will benefit as they become members of one of the largest and most respected professional liability companies in the nation.”
The Doctors Co. provides physician and surgeon medical liability insurance and risk management to about 55,000 members and has $3 billion in assets.
Richard Anderson, chairman and CEO of the Doctors Co., said in a written statement that the combined organization will deliver “enhanced value to our member insureds through the financial strength of a combined organization with a relentless commitment to protecting, defending and rewarding the practice of good medicine.”
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