Investment Banking - Healthcare Providers Insurance Exchange
Transactions | Insurance
Client: Healthcare Providers Insurance Exchange
Transaction Type: Mergers & Acquisitions
Role: Sell-Side Advisor
- Healthcare Providers Insurance Exchange (“HPIX”) is a Philadelphia-based insurance reciprocal that writes approximately $35 million in medical professional liability premium in Delaware, Maryland, New Jersey, and Pennsylvania.
- HPIX was founded to serve the medical professional liability market during the region’s medical malpractice crisis in 2002.
- Medical Mutual Insurance Company of North Carolina (“MMIC”), a leading provider of medical professional liability and related services for physicians in the Southeast, acquired the book of business of HPIX and hired substantially all of HPIX’s employees.
- As a result of this transaction, MMIC gained a significant presence in the northeast corridor and a vehicle to further expand in the region.
- HPIX entered into an approved run-off program for its legacy business.
- Boenning served as the exclusive financial advisor to Healthcare Providers Insurance Exchange.