RALEIGH, N.C., Jan. 26, 2016 /PRNewswire/ -- Medical Mutual and HPIX announced today the completion of the policy acquisition, which was effective on January 1, 2016. The acquisition expands Medical Mutual's footprint into the Mid-Atlantic territory, and is expected to grow its insured count by almost 20%.
"We are delighted to officially welcome HPIX policyholders and employees to the Medical Mutual family. We are equally excited that Tom and Nick Gaudiosi have joined our leadership team and will continue to build upon the legacy they began with HPIX. We share a primary focus on the physician communities we serve, providing them with innovative resources and unsurpassed customer service. Throughout the integration process, it has been evident that the core values of our organizations are well aligned. We believe the strong, positive relationships that have been established with HPIX agents and brokers will support the successful expansion of Medical Mutual into the Mid-Atlantic market," said Dale Jenkins, Chief Executive Officer of Medical Mutual.
"We have been on a transformational course during the past several years as we strategically explored innovative ways to grow our business in light of the evolving medical malpractice landscape. As members of the Medical Mutual team, we will carry out our shared, long-term vision of increasing the number of physicians we insure and unlocking tangible value for our members. Joining the Medical Mutual platform affords us new opportunities to provide policyholders with the robust benefits and a broader range of resources associated with a larger, well-capitalized, A.M. Best "A" rated company," said Tom Gaudiosi, Chief Executive Officer of HPIX Insurance Services, a Medical Mutual company.
Together, Medical Mutual and HPIX will continue a shared mission of providing outstanding service and insurance programs to members, and will reinforce their delivery of strong local leadership supported by greater resources and technology to the health care market.
Founded in 2002, HPIX is a Pennsylvania-based reciprocal insurance exchange with offices in Harrisburg and Philadelphia. HPIX will continue its rich history of providing excellent service to health care professionals in the Mid-Atlantic region and will retain its Board of Directors.
Medical Mutual is a physician-owned provider of medical professional liability insurance founded in 1975. Since its inception, Medical Mutual has promoted physician advocacy and supported educational opportunities for practice administrators through its longstanding partnerships with organizations such as the North Carolina Medical Society and North Carolina Medical Group Managers Association. The company protects over 10,200 physicians, has been rated "A" (Excellent) by A.M. Best for 12 consecutive years, and is a leading provider of medical professional liability insurance in its core markets. In January of 2014, Medical Mutual converted its structure from a mutual to a stock insurance company and formed a mutual insurance holding company, Medical Mutual Holdings, in order to better maximize business opportunities and increase the overall value of membership in the company.
For Medical Mutual:
Vice President, Corporate Communication