Sentinel Risk Advisors ("SRA") and Medical Mutual Insurance Company of North Carolina ("Medical Mutual") announced today that they have entered into a strategic partnership that will expand and enhance commercial insurance offerings to clients in the 38 states that comprise SRA's marketplace.
As a result of the transaction, Medical Mutual will merge all commercial insurance business currently administered by its subsidiary, MMIC Agency, into SRA for ongoing management and service. Simultaneously, Medical Mutual will acquire a minority stake in SRA.
"Medical Mutual’s investment in our company enhances our growth opportunities and strengthens our position as a premiere provider of business insurance coverages. I am confident that our partnership will yield tangible benefits to the clients previously served by MMIC Agency and to our current clients.
"The transaction between our two companies is a win-win proposition. We maintain majority ownership and Medical Mutual, for its investment, will have an appointed seat on our Board of Directors, further solidifying the partnership of two industry leaders whose primary focus is to provide innovative insurance solutions and outstanding service to clients and members," said Jim Holmes, Managing Partner of SRA.
"SRA’s diverse resources and talented professionals offer an enduring advantage that will enable us to better serve the increasingly complex needs of our commercial insurance clients. SRA brings a focused, consultative approach to analyzing the unique needs of each client.
"They have a proven track record of delivering outstanding results for the many businesses and individuals they serve. At Medical Mutual, we are continuously looking for ways to acquire or partner with outstanding companies that are industry leaders. SRA is a demonstrated industry leader and, we are pleased to have the opportunity to work with Jim Holmes and the world-class team he has assembled," said Dale Jenkins, Chief Executive Officer of Medical Mutual.
SRA is a premier privately held risk management and brokerage firm. Located in Raleigh, SRA provides a broad scope of property, casualty, and risk management services for today’s global marketplace.
The firm is passionate about simplifying business insurance and currently provides personalized protection programs for clients across 38 states.
Medical Mutual, a leading medical professional liability company, was founded in 1975. Since its inception, the company has worked proactively to create innovative and responsive insurance programs for its members and clients.