|[February 01, 2013]
MAG Mutual Insurance Company Announces Intention to Merge with South Carolina Physician Assurance Company
ATLANTA --(Business Wire)--
Mutual Insurance Company (MMIC), a leading provider of medical
professional liability insurance for physicians in the Southeastern
United States, and South Carolina Physician Assurance Company (SCPAC), a
leading writer of physician liability insurance throughout South
Carolina, announced today that they have entered into an Agreement
whereby SCPAC will be acquired by MMIC.
Dr. Joseph S. Wilson, Jr., M.D., CEO and Chairman of MagMutual,
commented that, "Our ability to serve our South Carolina policyholders
and our steadfast commitment to the South Carolina marketplace is
greatly enhanced by the merger of our two firms." Wilson further stated,
"We believe the acquisition of SCPAC will further reinforce our position
as the insurer of choice for South Carolina physicians." Neil E.S.
Morrell, MMIC's President and COO, added, "We are thrilled to be merging
with an organizatin which, like us, is focused on serving their
policyholders first. They will be a wonderful addition to the MagMutual
"As a physician and founding member of SCPAC, I am certain that this
will be a smooth transition for all of our current policyholders and
that the needs of all current and future South Carolina policyholders
will continue to be met," said Dr. Gregory Tarasidis, Chairman and the
First Policyholder of SCPAC. SCPAC President Todd Atwater stated, "We
are impressed with MagMutual's commitment to its physician owners and
the level of partnership they extend to all of their mutual
policyholders. Our Board believes MagMutual is poised to become the
premier insurer not only in South Carolina, but throughout the
The proposed transaction is subject to execution of a final definitive
agreement, final corporate approvals and regulatory approval by the
South Carolina Department of Insurance. The parties anticipate
finalization of the transaction by the end of the first quarter of 2013.
MagMutual provides medical professional liability (malpractice)
insurance in Alabama, Arkansas, Florida, Georgia, Kentucky, North
Carolina, South Carolina, Tennessee and Virginia. Founded in 1982 by
physicians and led by a physician Board of Directors, MagMutual is one
of the largest medical liability insurers in the U.S., with offices
throughout the Southeast. The company is rated A (Excellent) by A.M.
Best. Visit MagMutual.com
for more information. Insurance products and services are issued and
underwritten by MAG Mutual Insurance Company and its affiliates.
About South Carolina Physician Assurance Company
South Carolina Physician Assurance Company is owned by the South
Carolina Medical Association which has promoted South Carolina
physicians for over 160 years. SCPAC is owned, operated and governed by
South Carolina physicians.
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