MAG Mutual Insurance Company (MMIC) has signed an agreement to acquire South Carolina Physician Assurance Company (SCPAC), a writer of physician liability insurance throughout South Carolina, US.
Commenting on the transaction, MagMutual CEO and chairman Dr. Joseph Wilson, Jr., said that the acquisition will enhance the company's ability to serve South Carolina policyholders.
SCPAC chairman and the first policyholder Dr. Gregory Tarasidis said, "As a physician and founding member of SCPAC, I am certain that this will be a smooth transition for all of our current policyholders and that the needs of all current and future South Carolina policyholders will continue to be met."
The transaction is likely to complete during the first half of 2013, subject to final definitive agreement terms, final corporate approvals and regulatory approval by the South Carolina Department of Insurance.