MAG Mutual Insurance Company (MMIC) has revealed its intention to purchase South Carolina Physician Assurance Company (SCPAC), a writer of physician liability insurance in US.
Subject to execution of a final definitive agreement, final corporate approvals and regulatory approval by the South Carolina Department of Insurance, the proposed transaction is expected to finalize by the end of the first quarter of 2013.
Earlier, MagMutual CEO and chairman Dr. Joseph Wilson, Jr., said that the acquisition will enhance the MagMutual's ability to serve South Carolina policyholders.
Atlanta-based MagMutual 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.
Founded in 1982, MagMutual insurance products and services are issued and underwritten by MAG Mutual Insurance Company and its affiliates.
Owned by the South Carolina Medical Association, South Carolina Physician Assurance Company SCPAC is owned, operated and governed by South Carolina physicians.