The Doctors Company, an insurer of physician and surgeon medical professional liability, has agreed to acquire Florida-based FPIC Insurance Group, for $362m.

FPIC Insurance Group is a provider of medical professional liability insurance for physicians, dentists, and other healthcare providers.

The merger is expected to enhance The Doctors Company’s market position as the leading insurer of physician and surgeon medical liability with more than 70,000 members.

FPIC president and CEO John Byers said this transaction will deliver significant value to shareholders and place organization with one of the most respected medical professional liability insurance organizations in the nation.

The Doctors chairman and CEO Richard Anderson said all the members will continue to receive aggressive claims defense, unmatched legislative and patient safety advocacy, outstanding service, and industry-leading member benefits.

The transaction is expected to close by the fourth quarter of 2011 and is subject to customary terms and conditions.