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MMIC, a medical professional liability company, announced that it has entered into an agreement to acquire Utah Medical Insurance Association (UMIA), a provider of medical professional liability insurance for physicians in Utah, Montana, Idaho and Wyoming. After the acquisition, UMIA will become a wholly-owned subsidiary of MMIC but will retain its brand and board of directors. The terms of the transaction were not disclosed.
"A partnership between UMIA and MMIC will provide benefits for both sides," said Bill McDonough, president and chief executive officer of MMIC. "We will be better and stronger together. This partnership will extend MMIC’s geographic footprint and broaden UMIA’s access to products and services—and we are both interested in preserving our companies’ legacies."
Following the transaction, the combined companies will have nearly 20,000 policyholders in 14 states. The organizations will serve the entire health care spectrum: physicians, large hospitals and health systems, clinics, and outpatient and long-term care facilities.
“We’re excited to join forces with MMIC,” said UMIA president and CEO Martin Oslowski. “The UMIA board believes that UMIA’s policyholders will benefit from an acquisition by a larger, better capitalized company with a similar physician-focused culture and from MMIC’s leading physician litigation support program and health IT expertise. We also think that 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.”