May 15, 2014

 

Medical Professional Mutual Insurance Company, a Coverys member company, announced that it has entered into an agreement to acquire Preferred Professional Insurance Company (PPIC), located in Omaha, Nebraska.  Coverys is the eighth largest medical professional liability provider in the country based on direct written premiums and provides medical professional liability insurance protection to physicians, hospitals, dentists, and other healthcare providers in 26 states coast to coast.  PPIC supports Catholic healthcare systems across the country by providing professional liability insurance, other casualty coverages, and an array of risk transfer products and services. The closing of the acquisition is subject to approval by a vote of PPIC shareholders scheduled for June 11, 2014.  It is also subject to regulatory approval and other customary conditions and is expected to close during the third quarter of 2014. Sherman & Company served as financial advisor to Coverys.