ProAssurance to buy IND
IND is being acquired by ProAsssurance.
Independent Nevada Doctors Insurance Exchange (IND) is to be acquired by ProAssurance Corporation.
This transaction will take place by reciprocal exchange, with IND converting to a stock insurance company while simultaneously merging with one of ProAssurance's subsidiary firms.
IND subscribing policyholders who are eligible will receive proceeds of the transaction and the firm will eventually become a non-public stock body.
In a companion deal, ProAssurance will also purchase IND's attorney-in-fact.
Chairman and chief executive officer of ProAssurance Stan Starnes said he is "very pleased" about this acquisition.
He revealed his firm has "always been impressed" with IND's "demonstrated commitment to their physician insureds" and the high quality of its operations.
The company leader added he is "confident" the new brand will be a "good fit" within his organisation.
MedMarc Insurance Group is also to merge into ProAssurance, with business negotiations between the brands determining the value of this transaction to be $153.7 million (£98.9 million) in cash.
Posted by Ron Maverick
Source: ProAssurance press release, June 27th