Transaction approved by Michigan Office of Financial and Insurance Regulation, Washington State Office of the Insurance Commissioner and FinCor shareholders
Medical Professional Mutual Insurance Company, a provider of medical liability insurance and member of ProMutual Group, has completed its acquisition of medical liability insurer and integrated risk management company, FinCor Holdings and its subsidiaries.
The transaction was approved by the Michigan Office of Financial and Insurance Regulation, the Washington State Office of the Insurance Commissioner and the FinCor shareholders.
With its acquisition of Michigan-based FinCor, ProMutual will add MHA Insurance Company, Washington Casualty Company, FinCor Solutions, The Risk Management and Patient Safety Institute and Capital Risk Solutions, SPC to its organization’s roster.
ProMutual Group, a medical liability insurance provider in the Northeast, views the acquisition as a culmination of the organisation’s focus on growth, both organically and through acquisition as well as through the expansion of its services and resources.
Richard Brewer, president and CEO of ProMutual Group, said: “We are pleased with the acquisition of FinCor and its subsidiaries. As we look ahead, we are committed to maintaining the momentum that FinCor has developed, while continuing to be a trusted provider of medical liability insurance for FinCor policyholders in all 11 states.
Through its MHAIC and WCC subsidiaries, FinCor provides medical liability insurance in the Midwest and Pacific Northwest, insuring more than 250 hospitals and healthcare facilities and 5,000 physicians in 11 US states.