A.M. Best Comments on Doctors Company Insurance Group’s Planned Acquisition of FPIC Insurance Group Inc.
26 Maggio 2011 - 9:49PM
Business Wire
A.M. Best Co. has commented that the financial strength
rating of A- (Excellent) and issuer credit ratings of “a-” of
Doctors Company Insurance Group (TDC) and its members, led
by The Doctors Company, an Interinsurance Exchange
(Napa, CA), are unchanged following the recent announcement that
FPIC Insurance Group Inc. (FPIC) (Jacksonville, FL) [NASDAQ:
FPIC] has entered into a definitive agreement to be acquired by The
Doctors Company, an Interinsurance Exchange. FPIC’s primary
insurance company is First Professionals Insurance Company.
The outlook for TDC’s ratings is positive.
When the acquisition is completed, shareholders will be entitled
to receive cash totaling $362 million. With the acquisition of
FPIC, TDC is purchasing a regional provider of medical professional
liability insurance products with clients in 14 states,
concentrated in Florida. The transaction assists TDC in achieving
scale through continued geographic diversification and supports the
group’s growth philosophy. The transaction is not subject to
financing contingencies and is expected to close by the fourth
quarter of 2011, subject to regulatory approval and a vote by
FPIC’s shareholders to approve the sale.
On June 2, 2010, A.M. Best affirmed the current ratings of
TDC.
The principal methodology used in determining these ratings is
Best’s Credit Rating Methodology -- Global Life and Non-Life
Insurance Edition, which provides a
comprehensive explanation of A.M. Best’s rating process and
highlights the different rating criteria employed. Additional key
criteria utilized include: “Risk Management and the Rating Process
for Insurance Companies”; “Understanding BCAR for Property/Casualty
Insurers”; and “Rating Members of Insurance Groups.” Methodologies
can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is the world's oldest and
most authoritative insurance rating and information source. For
more information, visit www.ambest.com.
Copyright © 2011 by A.M. Best Company,
Inc. ALL RIGHTS RESERVED.
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