Minnesota's MMIC to acquire Utah medical liability insurer UMIA
MMIC, the Midwest's largest medical professional liability company, said it is acquiring the Utah Medical Insurance Association, a provider of medical professional liability insurance for physicians.
The association serves Utah, Montana, Idaho and Wyoming.
Terms of the deal were not disclosed. Combined, the companies will have 20,000 policyholders in 14 states. They serve physicians, large hospitals and health systems, clinics, and outpatient and long-term care facilities.
"We're excited to join forces with MMIC," Martin Oslowski, UMIA president and CEO, said in a statement. "UMIA's experience can enhance some of MMIC's existing programs, such as physician consulting services. Together we can create stronger systems and processes and drive efficiencies."
MMIC is based in Minneapolis.
The proposed merger is expected to close in the first half of 2013, subject to regulatory approvals and UMIA policyholder approval.