MINNEAPOLIS--(BUSINESS WIRE)--Constellation, a mutual holding company, today announced that Arkansas Mutual Insurance Company will be joining its family of companies. Arkansas Mutual is a provider of medical professional liability insurance for physicians, located in Little Rock. Arkansas Mutual will be the third Constellation member company, joining MMIC and UMIA. The terms of the transaction were not disclosed.
"A partnership between Arkansas Mutual and Constellation will provide benefits for both sides," said Bill McDonough, President and CEO at Constellation, "By helping Arkansas Mutual expand, we will be able to offer more financial and risk management services in support of the health care community. Together we can create stronger systems and processes, and drive efficiencies."
Combined, MMIC, Arkansas Mutual and UMIA insure more than 20,000 health care providers in 16 states. All three serve the entire health care spectrum: physicians, clinics, large hospitals and health systems, and outpatient and long-term care facilities.
Said Corey Little, Arkansas Mutual’s President and CEO, “We’re excited to join Constellation. Arkansas Mutual’s policyholders will benefit from a larger, well capitalized company that has a similar physician-focused culture, and from resources such as patient safety programs, physician support programs, and health IT services. And Arkansas Mutual’s established network in Arkansas will help the two companies expand more quickly in this state.”
The transaction is expected to close in the third quarter of 2015 and is subject to customary due diligence, regulatory approvals and Arkansas Mutual policyholder approval.
About Arkansas Mutual
Arkansas Mutual Insurance Company provides
stable, long-term professional liability insurance to enhance the
strength of the health care community. We help protect the assets,
financial integrity and reputation of our member policyholders. Arkansas
Mutual Insurance Company is a physician owned and physician governed
mutual insurance company that places its members’ best interests first.
Visit ArkansasMutual.com
About Constellation
As a mutual holding company, Constellation
offers the opportunity for policyholder-owned insurers and other
organizations to band together for mutual advantage. Members and owners
of Constellation can secure their future and long-term ability to serve
policyholders and the medical community. Alternatively, companies may
take advantage of Constellation network benefits through a contractual
affiliation.
Visit ConstellationMutual.com or call 888.965.0503
