MAG Mutual Insurance Company Announces Intention to Merge with South Carolina Physician Assurance Company

ATLANTA--(BUSINESS WIRE)--MAG Mutual Insurance Company (MMIC), a leading provider of medical professional liability insurance for physicians in the Southeastern United States, and South Carolina Physician Assurance Company (SCPAC), a leading writer of physician liability insurance throughout South Carolina, announced today that they have entered into an Agreement whereby SCPAC will be acquired by MMIC.

“We are thrilled to be merging with an organization which, like us, is focused on serving their policyholders first. They will be a wonderful addition to the MagMutual family.”

Dr. Joseph S. Wilson, Jr., M.D., CEO and Chairman of MagMutual, commented that, “Our ability to serve our South Carolina policyholders and our steadfast commitment to the South Carolina marketplace is greatly enhanced by the merger of our two firms.” Wilson further stated, “We believe the acquisition of SCPAC will further reinforce our position as the insurer of choice for South Carolina physicians.” Neil E.S. Morrell, MMIC’s President and COO, added, “We are thrilled to be merging with an organization which, like us, is focused on serving their policyholders first. They will be a wonderful addition to the MagMutual family.”

“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,” said Dr. Gregory Tarasidis, Chairman and the First Policyholder of SCPAC. SCPAC President Todd Atwater stated, “We are impressed with MagMutual’s commitment to its physician owners and the level of partnership they extend to all of their mutual policyholders. Our Board believes MagMutual is poised to become the premier insurer not only in South Carolina, but throughout the Southeast.”

The proposed transaction is subject to execution of a final definitive agreement, final corporate approvals and regulatory approval by the South Carolina Department of Insurance. The parties anticipate finalization of the transaction by the end of the first quarter of 2013.

About MagMutual

MagMutual provides medical professional liability (malpractice) insurance in Alabama, Arkansas, Florida, Georgia, Kentucky, North Carolina, South Carolina, Tennessee and Virginia. Founded in 1982 by physicians and led by a physician Board of Directors, MagMutual is one of the largest medical liability insurers in the U.S., with offices throughout the Southeast. The company is rated A (Excellent) by A.M. Best. Visit MagMutual.com for more information. Insurance products and services are issued and underwritten by MAG Mutual Insurance Company and its affiliates.

About South Carolina Physician Assurance Company

South Carolina Physician Assurance Company is owned by the South Carolina Medical Association which has promoted South Carolina physicians for over 160 years. SCPAC is owned, operated and governed by South Carolina physicians.