September 6, 2017 by matray

Coverys and Global Insurance Management Company, Inc. (GIMC), a provider of medical professional liability insurance, announced today that they have entered into a definitive merger agreement pursuant to which Coverys’ ProMutual Group will acquire GIMC. GIMC and the predecessors to its insurance subsidiary, Healthcare Underwriters Group, Inc., were founded by physicians and insurance professionals in 2003 to bring longterm availability, predictability and stability to the marketplace in Florida, Ohio and Kentucky. Since that time, GIMC has expanded to Texas, Indiana and Nevada. With this acquisition, Coverys continues to expand its delivery of products and services to meet the demands of the changing healthcare market. The combination of the two companies will strengthen GIMC’s ability to offer superior products and services to a core group of hospital and physician policyholders. “GIMC brings knowledge and experience in the marketplace, providing Coverys the opportunity to further expand our footprint into Florida and Kentucky as well as increase our market share in Ohio,” said Gregg L. Hanson, Coverys president and chief executive officer. “Coverys policyholders benefit from the group’s A rating with A.M. Best, and through this acquisition, we will seek to offer Healthcare Underwriters Group policyholders the same strength and protection.” “GIMC policyholders will benefit from this acquisition by being a part of a larger healthcare professional liability group with a greater level of financial stability and greater access to enhanced products and services, and the ability to issue policies in all 50 states,” said Joshua Salman, GIMC prsident and chief executive officer. “GIMC shareholders will receive significant value for the business we have built since 2003.” “Since our founding in 2003, we have built our company on the principles of serving physicians, defending good medicine and providing the best possible resources to existing and new policyholders,” said Steven Shapiro, MD, chair of the board for GIMC. “We have found a great partner in Coverys, who shares our values and our commitment to those principles. I am confident that together, we will continue to provide strong insurance and high-quality service to our policyholders.” “We are pleased to announce this partnership between our two physician-founded companies. We look forward to welcoming GIMC’s policyholders to Coverys,” said Brenda E. Richardson, MD, chair of the board for Coverys. “Together, we will have increased financial strength and will continue our joint commitment to advance, protect and reward the practice of good medicine.” The GIMC Board of Directors has unanimously approved the transaction and has resolved to recommend that its shareholders approve the merger agreement. The transaction is expected to close in the fourth quarter of 2017 and is subject to customary closing conditions, including the receipt of regulatory approvals and approval by the holders of a majority of the outstanding shares of GIMC common stock. Sherman & Company LLC served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Coverys. Sandler O'Neill + Partners, L.P. acted as exclusive financial advisor and Thompson Hine LLP served as legal advisor to GIMC.

September 6, 2017 by matray

ProAssurance Corp. today announced the establishment of the ProAssurance Endowed Chair for Physician Wellness at the University of Alabama at Birmingham. This academic chair is the first of its kind in the United States. The initial $1.5 million gift to the UAB School of Medicine will endow an academic chair and also support a research team dedicated to addressing health issues that are unique to physicians as they deal with the stress and pressures associated with providing care to their patients in today’s rapidly evolving healthcare environment. “Physicians have always been subject to the high levels of stress from a variety of factors such as society’s expectations for successful outcomes, the threat of litigation and the effect of their professional obligations on the quality of their lives and their families’ lives,” said Stan Starnes, ProAssurance chairman and chief executive officer, as he announced the endowment. “As medicine evolves to address the changing dynamic of healthcare in America, we must find ways to address these pressures.” “UAB leadership is committed at the highest level to provide our physicians, residents, fellows and trainees the same type of world-class care they provide for the citizens of Alabama and beyond,” said Ray L. Watts, University of Alabama Birmingham president. “This generous investment by ProAssurance to fund a first-of-its-kind academic chair will enable us to recruit an expert in the field of physician wellness who can implement well-designed interventions that enhance our sustainable culture of wellness and provide trainees with tools and resources to manage stress and burnout. The result will be more engaged physicians who can provide the highest-quality care to their patients.” ProAssurance also expects to provide an additional gift of $500,000 to fund various initiatives in support of physician wellness. The company’s Chief Medical Officer, Hayes V. Whiteside, MD, said such programs are a logical extension of ProAssurance’s role as a trusted partner with physicians and the nation’s healthcare community. “Assisting physicians has always been a high priority for ProAssurance,” he said. “Now more than ever, we need to ensure that today’s physicians maintain their commitment to our high calling, and that future physicians are equipped to deal with the realities of their vital chosen profession.” “We are fortunate to have some of the best physicians in America right here in Birmingham as part of our School of Medicine, and it is important that we consistently work to provide them an environment that promotes wellness opportunities to help them flourish in their field,” said Selwyn Vickers, MD, senior vice president of medicine and dean of UAB’s School of Medicine. “Doctors who take care of themselves are better role models for their patients and for their children, have higher patient satisfaction and safety scores, experience less stress and burn out, and live longer. We are grateful to ProAssurance for their gift, which will greatly enhance our training programs and enable them to create a sustainable culture of wellness.” In addition to the funds being committed to addressing physician wellness, ProAssurance plans to make an additional financial gift to the UAB School of Nursing to enhance the future of nursing care in Alabama. “Nurses are a crucial part of the care delivery team in our state, and their role will become increasingly important as our healthcare delivery systems expand to meet the demands that will come with the exponential growth of an aging population,” Starnes said. “Nursing is one of the most versatile — and vital — occupations in the healthcare workforce, and we strive to train innovative leaders who will transform healthcare,” said Doreen Harper, PhD, dean and Fay B. Ireland endowed chair in UAB’s School of Nursing. “The ever-evolving landscape of healthcare and the changing profile of the population demand a fundamental shift in the healthcare system to provide patientcentered care. More nurses will be needed to deliver primary care and community care, ensure seamless care, foster interprofessional collaboration and enable all health professionals to practice to the full extent of their education, training and competencies. This shift will result in reduced errors, increased safety and the highest-quality care for patients. We are delighted and appreciative that ProAssurance is providing this support to help us shape patient-centered healthcare by preparing recognized nurse leaders who excel as clinicians, researchers and educators in Alabama, nationally and internationally.”