Medical Professional Mutual Insurance Company (ProMutual), a Coverys company, has finalized the acquisition of Preferred Professional Insurance Company (PPIC), located in Omaha, Nebraska.
PPIC was formerly owned by 18 Catholic healthcare systems, seven of which are in the top 25 largest nonprofit hospital systems in the entire United States. The transaction had previously received unanimous shareholder support before regulatory approval was obtained.
Through the acquisition of PPIC, Coverys will expand its presence across the country and as a leading medical professional liability insurer in the United States. The acquisition also supports its strategy to broaden delivery of innovative products and services within the medical professional liability insurance marketplace on a national basis.
“Coverys shares PPIC’s long-standing commitment to our policyholders. We are pleased that this acquisition will allow us to offer our policyholders access to the enhanced services and products for which Coverys is recognized as well as its financial strength and stability,” said Lynnette Matza, chief executive officer (CEO) and president of PPIC.
“We view the acquisition of PPIC as a critical pivot point in our growth strategy providing additional scale on a national level in our marketplace,” said Gregg Hanson, CEO and president of Coverys. “We are excited to finalize the acquisition of PPIC and to have its dedicated staff join the Coverys team.”
Sherman & Company LLC acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor for Coverys. Raymond James acted as financial advisor and Kutak Rock LLP served as legal advisor to PPIC.
Coverys, Preferred Professional Insurance, US, ProMutual