ProAssurance Corporation Acquires Nevada Doctors Insurance Exchange
December 04, 2012
ProAssurance Corporation, an independently traded specialty writer of medical professional liability insurance, recently completed the acquisition of the Independent Nevada Doctors Insurance Exchange (IND).
The transaction was completed on November 28, 2012, and proceeds will be paid to eligible IND subscribing policyholders by mid-December.
IND will now work as a subsidiary of ProAssurance.
"This is a banner day for ProAssurance, and the insured and staff at IND. We are combining two companies with a long standing tradition of policyholder service and courtroom advocacy. We look forward to responding to the evolving healthcare professional liability risks in Nevada, a state where we have been privileged to do business since 1993," said Stan Starnes, Chairman and chief executive officer at ProAssurance.
IND is a professionally-managed Nevada domestic reciprocal insurer formed on October 31, 2006. It was initially formed as an essential insurance association in 2002 to meet the need for a permanent and solid medical professional insurance organization in Nevada.
IND’s elected Subscribers’ Advisory Committee (SAC) consists of insured medical doctors, attorneys and insurance professionals (insured doctors comprise at least two-thirds of committee members).
IND insures hundreds of Nevada doctors. Policyholders – backed by the strength of a seasoned physician advisory board and not-for-profit approach – receive secure, competent and well-respected insurance services.
The Nevada operations of both companies will be combined into IND's Las Vegas office under the leadership of IND president James Hooban. "We are excited about the opportunities ahead of us as we bring ProAssurance's industry-leading insurance products and risk management services to the Nevada healthcare community," he said.
In related news, ProAssurance Corporation was recently selected for inclusion in the prestigious Ward's 50 for the sixth consecutive year. The Ward Group annually selects the 50 best performing property-casualty insurance companies from the more than 3,000 property-casualty insurers in America. This year, the Ward's 50 was selected using financial performance from 2007 to 2011 in key areas such as financial stability, revenue growth, capital position, underwriting results and financial returns.
Companies that passed these screens were then subjected to an unbiased evaluation of company operations by The Ward Group to select the 50 companies ranked best-of-the-best.
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Edited by Braden Becker