Investment Banking - Healthcare Providers Insurance Exchange

Transactions | Insurance

Client: Healthcare Providers Insurance Exchange
Industry: Insurance
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.