Doctors Co. adds more coverage with SCPIE
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The Doctors Co. followed an aggressive prescription for growth Tuesday. The Napa, Calif.-based private physician-owned medical malpractice insurer reached an agreement to acquire publicly traded SCPIE Holdings Inc., also a major healthcare liability insurance provider, for approximately $281 million in cash. Doctors is offering $28 per share in cash, which represents a 27% premium from SCPIE’s closing price on Monday.
The middle-market deal would make Doctors the nation’s largest provider of professional liability insurance to physicians and surgeons. Overall, Doctors would be insuring over 32,000 physicians in the U.S., most of which are in California.
Deutsche Bank Securities Inc. acted as financial adviser to SCPIE, while Latham & Watkins LLP and Richards, Layton & Finger LLP provided it with legal advice. Meanwhile, Fox-Pitt Kelton Cochran Caronia Waller acted as financial adviser to Doctors; Thelen Reid Brown Raysman & Steiner LLP provided legal advice. — Gerald Magpily
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