FinCor Holdings, a member of Boston-based Coverys, has agreed to purchase OHA Holdings and its wholly-owned subsidiary OHA Insurance Solutions (OHAIS), located in Columbus, Ohio.
Established by Ohio Hospital Association (OHA) in 2003, OHAIS aims to offer long-term availability, predictability and stability to the Ohio medical professional liability marketplace for hospitals and physicians.
OHA president and CEO Mike Abrams said that the core mission of OHAIS is to provide a stable and continuing market for medical professional liability insurance for Ohio physicians and hospitals.
"Coverys shares our commitment to our members, demonstrating the type of strong partner that will serve Ohio hospitals and physicians for many years to come," Abrams added.
Coverys said that the takeover of OHAIS would assemble two organizations with similar strengths and core competencies, such as expertise in the Ohio hospital and physician markets, supportive risk management services and resolute claim management.
Coverys CEO and president Gregg LHanson said, "This combination of our two companies will enable Coverys to expand the ability of OHAIS to offer superior products and services to its core group of hospital and physician policyholders."
The transaction, which has already been approved by OHA, is likely to conclude by 1 January 2014, pending receipt of customary regulatory approvals.
Based on direct written premium, Coverys ranks one of the top ten medical professional liability insurance providers in the country.